Looking to consumer finance new business in October 2020, this fell by 11% compared with the same month in 2019, and decreased by 18% in the ten months to October 2020.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “Consumer confidence weakened as new restrictions were introduced in October to deal with the rise in coronavirus cases.

“This is reflected in weaker demand for consumer finance across most of the main products.

“The economic outlook has improved following the promised rollout of a vaccine before Christmas.”