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    KPMG comments on today’s Money and Credit data from the Bank of England

    Karim Haji, Global and UK Head of Financial Services at KPMG, comments on today’s Money and Credit statistical release .


    Karim Haji, Global and UK Head of Financial Services at KPMG, comments on today’s Money and Credit statistical release from the Bank of England (for September):

    “September’s drop in borrowing suggests that softening headline and consumer price inflation, and hopes of further interest rate cuts, could be easing cost of living concerns for households.

    “However, consumer confidence fell sharply in September, as households anxiously wait for decisions to come on tax, spending and welfare in the Budget. Some borrowers will be waiting to hear how this will impact their finances before deciding to take out more credit. Others may also be holding for further base rate cuts before borrowing.

    “The recent easing of headline inflation is set to be short-lived as volatile oil and gas prices have risen on the back of heightened geopolitical tensions. This will create pressure on headline inflation and household energy bills.

    “While default rates have fallen, these can be short-lived and with some potentially tricky months ahead for households, lenders need to remain ready to support those who will need financial help.

    “The drop in mortgage borrowing shows that appetite for longer-term secured borrowing has stalled after three consecutive months of growth. It could continue to fall if household finances are hit hard by the Budget and the Bank holds on further rate cuts.”

    Karim Haji

    Global and UK Head of Financial Services

    KPMG in the UK

    Ends-

     

    For further information please contact:

    KPMG Media Relations

    Gerard Swinley

    gerard.swinley@kpmg.co.uk

    M: +44 7510 375540

     

    About KPMG

    KPMG LLP, a UK limited liability partnership, operates from 20 offices across the UK with approximately 18,000 partners and staff. The UK firm recorded a revenue of £2.96 billion in the year ended 30 September 2023. 

    KPMG is a global organisation of independent professional services firms providing Audit, Legal, Tax and Advisory services. It operates in 143 countries and territories with more than 273,000 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.