High street banks warn of rise in UK customers defaulting on loans

Lenders expect wave of defaults this spring as cost of living soars, Bank of England survey finds

Britain's biggest banks say they expect a rise in the number of consumers struggling to repay credit cards and other loans amid growing concern over soaring living costs.

Figures from the Bank of England show that high street lenders expect an increase in the number of defaults on unsecured lending and business loans over the three months to the end of June.