November 2012 figures for the main high street banks
Cash ISA inflows continue to be strong this year as households have sought accounts paying better rates of interest, leading to a rise in all personal deposits of 6.3% over the year to November.
BBA statistics director, David Dooks said:
“November saw new mortgage borrowing of £7.7 billion and personal loans of £1.1 billion, with monthly credit card spending higher at £7.3 billion, resulting from above average transaction volumes. Households are, however, continuing to repay virtually as much as they borrow and, as people hold onto cash, deposits are growing by 6% annually.
“The situation is not dissimilar in the business world - businesses are holding back investment or expansion plans and building up cash reserves”.
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