UK consumer lending will plummet during 2020, say forecasts

Personal loans and credit card debt expected to fall 16% as lending to businesses surges

Consumer borrowing from UK banks will fall at the fastest rate on record in 2020, amid the recession caused by the coronavirus pandemic, forecasts suggest.

Banks are expected to lend 15.9% less to consumers via personal loans and credit cards, according to forecasts by EY Item Club, the economic forecasting arm of the accounting firm.