Pakistan, Jan. 6 -- UK consumer borrowing surged in November, marking the largest increase in two years, according to Bank of England data released Monday. Households added a net £2.08 billion ($2.79 billion) in borrowing, surpassing forecasts and October's £1.713 billion rise. The annual growth rate of consumer credit reached 8.1%, the fastest since May 2024, signaling strong household demand ahead of Finance Minister Rachel Reeves' budget.

Economists suggest that recent speculation about tax increases had little effect on spending. Alex Kerr, a UK economist at Capital Economics, noted that the figures indicate limited room for further growth in consumer spending during 2026. Reeves had announced £26 billion in tax hikes...