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.”
