LONDON (Reuters) - Consumers piled on debt at a record pace last month, driven by a surge in mortgage lending in another sign that the country's housing boom is finding new life, official figures show.
The Bank of England said on Wednesday that total consumer lending rose by a record 10.7 billion pounds, up 14.0 percent on the year. Most of this was made up of new home loans. Mortgage lending rose by 8.8 billion pounds, also the highest increase ever.
There was no sign that the borrowing binge is about to slow down despite recent speculation that the Bank was about to raise interest rates from their current 48-year low of 3.5 percent.
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