Banks see lack of demand for borrowing

Householders and companies are continuing a safety-first approach to debt reflecting slow growth in the UK economy, a banking body has said.

Outstanding debt on consumer overdrafts and personal loans, at £52bn, was at its lowest for 10 years, the British Bankers’ Association (BBA) said.

However, there was a slight rise in the number of mortgages approved in July.

Among businesses, the banks said that debt repayments by companies were outstripping new loans.

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