Surge in UK consumer borrowing fuels likely interest rate rise

The 9.9% annual growth figure further adds to concerns of unmanageable debt among UK households

A near-double-digit increase in lending to households in the year to September has left the Bank of England on track to raise interest rates on Thursday, amid concerns that consumers are creating an unmanageable mountain of unsecured debt.

The pace of annual consumer credit growth was 9.9% last month, according to figures from the central bank, as borrowing on credit cards, overdrafts and unsecured loans jumped.

Related: Average UK debt at 8,000 per person (not including the mortgage)

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