Britons resume borrowing as economy reopens in Covid crisis

Car finance deals and personal loans increase as interest rates fall

Households increased their borrowing in May for the first time in eight months as the easing of lockdown rules coincided with a fall in loan interest rates.

Figures from the Bank of England showed the first significant credit spending surge since last August, as a run of net repayments by households came to an end in May when 280m more was borrowed on consumer credit than was repaid.