Rise in consumer borrowing is fastest since pre-crisis, says Bank of England

Figures show consumer credit rose by 8.3% in the year to November, with borrowing on credit cards up by 411m

Consumer borrowing on credit cards, loans and overdrafts is growing at its fastest rate since before the financial crisis, according to Bank of England figures that brought further warnings over the state of UK household finances.

Unsecured consumer credit was up 8.3% in the 12 months to November 2015, the Bank's figures show, with consumers borrowing an additional 1.5bn in November. This was compared to an average increase of 1.2bn over the previous six months. The growth rate was the highest since February 2006.

This will fuel concern that consumers are borrowing more and saving less to finance their spending