UK mortgage lending hits record amid stamp duty rush

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Consumers repaying credit card debts and manufacturing booming as Covid restrictions ease, new figures show

Mortgage borrowing in the UK has reached its highest level since modern records began as buyers rushed to beat the now-extended stamp duty holiday deadline.

Bank of England figures showed that Rishi Sunak’s decision in the budget to extend the tax break until June came too late to stop a burst of activity in the housing market in March.

Related: Wallasey in Merseyside tops list of British property hotspots

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