UK consumers repay record £7.4bn of debt in Covid-19 lockdown

Analysts warn of gap between those hit by job losses and those whose finances benefit from enforced spending halt

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British households repaid record amounts of debt racked up on credit cards and personal loans in April as consumers stayed away from the high street during lockdown.

Figures from the Bank of England show 7.4bn of consumer credit was repaid during the first full month of strict restrictions on business and social life, the largest net repayment since records began in 1993.