Adam Oldfield, chief revenue officer at Phoebus, says:

“The figures from the Bank of England this morning tell two distinct stories. One that shows that no matter what the naysayers believe there is still an appetite to purchase property. The other story is perhaps what we have been expecting to see, that consumers are starting to rely more on credit as the rising cost of living bites.

“On this Consumer Duty Day, when all financial services come under the spotlight, this level of consumer borrowing is the biggest indication to date that consumers are looking to spread the cost of their spending. It is an opportunity for everyone in our industry to show that everything we do is with our clients’ very best interests at heart. For lenders especially, this is a time to ensure that all the right systems and people are in place to ensure Consumer Duty is at the forefront of everything they do going forward.”