UK consumer borrowing sees lowest rise since 2014 on Brexit fears

April's annual growth drops from 6.4% in March to 5.9% as households cut borrowing

Consumers increased their borrowing in April at the slowest pace since 2014, revealing a reluctance to buy goods on credit amid persistent Brexit uncertainty.

The annual growth rate in unsecured consumer lending dropped to 5.9% from 6.4% in March, as households limited their spending on credit cards and cut back on finance deals to purchase a new car. Not since June 2014 has the rate of borrowing growth been so low, the Bank of England said.