Cars: Credit
The question
To ask the Chancellor of the Exchequer, if she will make an assessment of trends in the level of consumer credit debt relating to car purchases in the last five years.
Answered by Emma Reynolds
The Government regularly engages with the Bank of England, the Financial Conduct Authority (FCA) and the Money and Pensions Service (MaPS) to monitor personal finances and debt levels.
According to the FCA, 2 million cars were bought on finance in the 12 months to October 2024, with a total of £38.7 billion being borrowed. HMT does not hold data for the last 5 years.
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