UK credit card borrowing rises at fastest annual rate in almost two years

Bank of England says individuals borrowed extra £2.1bn in consumer credit in November

Credit card borrowing rose at the fastest annual rate for almost two years in November, according to the Bank of England, as households took on debt to finance the rising cost of Christmas.

In a snapshot covering the month of Rachel Reeves’s highly anticipated autumn budget, the central bank said individuals borrowed an additional £2.1bn in consumer credit, up from a £1.7bn increase in October.