In comparison with Eurozone countries, the UK economy has continued to be impacted by high inflation and the soaring cost of living in 2023. While rising electricity and gas prices drove inflation in 2022, they have been gradually decreasing in 2023, and what is now driving continued high inflation is the country’s dramatic increase in the prices of food and non-alcoholic beverages.
The Bank of England continues to revise and raise the base rate in an attempt to reduce inflation and achieve the 2% target. While between March 2020 and December 2021, the base rate remained at 0.
In the UK in 2023, mortgages/housing is set to continue to grow in terms of gross lending and outstanding balance. Due to the pandemic and consumers spending more time at home, many people decided to change their living arrangements and move from smaller apartments in city centres to larger homes in suburban areas.
In 2023, buy now pay later (BNPL) schemes have kept rising in popularity amongst Britons, and not just amongst younger generations, but also amongst more mature age groups. This is expected to result in BNPL continuing to grow at a double-digit rate in 2023.
The future performance of consumer lending depends greatly on the success of government and Bank of England strategies to bring down inflation and ease living costs amongst consumers. However, as the Bank of England’s base rate continues to rise, it will have a negative impact on consumers’ willingness and ability to borrow.
Delivery:
Files are delivered directly into your account soon after payment is received and any tax certification is verified (where applicable).
This report comes in PDF with additional info in Excel included.
Understand the latest market trends and future growth opportunities for the Consumer Lending industry in United Kingdom with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Consumer Lending industry in United Kingdom, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Consumer Lending
Aggregate of Consumer Credit and Mortgages/Housing. Gross Lending: The total value of loans advanced by institutions in a given year; data refers to single year only. Outstanding Balance: The collective amount owed by borrowers at the end of a given year; data refers to the cumulative impact of debt.
See All of Our DefinitionsThis report originates from Passport, our Consumer Lending research and analysis database.
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extraction Free!