London — Lending to British consumers expanded at the weakest pace in more than a year in July as their confidence in the economy ebbed, according to figures that clouded the outlook for growth later this year. Annual growth in consumer credit slowed to 9.8% from 10% in June, the weakest increase since April 2016, the Bank of England (BoE) said on Wednesday. Separate figures from the European Commission showed British consumer morale slipped this month, pulled down by deteriorating confidence in the state of the economy. Britain’s economy has had its slowest start to the year since 2012 as consumers have come under pressure from a big rise in inflation since sterling fell after last year’s Brexit vote. "With real income barely growing and the savings ratio at historically low levels, households are now significantly stretched financially," said Barclays economist Fabrice Montagne. The BoE said that in cash terms, consumer credit increased by £1.179bn in July — well below the £1.5bn ...
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