KPMG comments on Money and Credit data from The Bank of England
Karim Haji, EMA and UK Head of Financial Services at KPMG, comments on today’s Money and Credit data from The Bank of England
Karim Haji, EMA and UK Head of Financial Services at KPMG, comments on today’s Money and C
Karim Haji, EMA and UK Head of Financial Services at KPMG, comments on today’s Money and Credit data from The Bank of England:
“Some market indicators have shown a rebound in consumer confidence in recent weeks and there is growing expectation that the economy may have avoided a recession. But, that restored optimism will take time to feed through to consumer decision making.
“The latest Bank of England data shows that consumers are continuing to be resilient, but reluctant to take on large, new financial commitments as consumers still have high – if not rising – inflation and higher interest rates to contend with. That’s why banks must continue to put in place measures to support struggling borrowers and focus on commitments to responsible lending. There’s a strong consumer duty to do so, but the market is also incredibly competitive and will intensify as customers scour the market for the best offering to fit their needs.”
Follow us on twitter: @kpmguk
For further information please contact:
M: +4479 0111 5649
M: +44 7510 375540
About KPMG UK
KPMG LLP, a UK limited liability partnership, operates from 20 offices across the UK with approximately 17,000 partners and staff. The UK firm recorded a revenue of £2.72 billion in the year ended 30 September 2022.
KPMG is a global organization of independent professional services firms providing Audit, Legal, Tax and Advisory services. It operates in 143 countries and territories with more than 265,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.