UK strong consumer credit growth to continue in June

One striking feature of the UK consumer recovery in this cycle has been the much stronger growth in consumer credit than in mortgage lending.

In the early stages of the recovery, this probably reflected caution as consumers did not want to take on large medium term commitments at a time of heightened uncertainty both domestically and internationally.

"However, there remain dangers on the international stage, most particularly the Greek crisis", says Societe Generale.