Repayments 'outstrip new borrowing'

Consumers have paid back personal loans, credit cards and overdrafts at the fastest rate for more than a year as their appetite for borrowing remains weak, a high street banking report has revealed.

Repayments have outstripped new borrowing, resulting in a net repayment of £305 million in consumer credit lending in February, the highest net repayment since January last year, the British Bankers' Association (BBA) said.