Eric Leenders, BBA managing director for retail banking, said: “In March, annual growth in consumer borrowing from the main high street banks slowed, perhaps mirroring the dip seen in retail sales volumes as price rises appear to have started biting into consumers’ spending.”

He added: “House purchase approvals were largely in line with last year’s average, broadly reflecting a steady housing market.

“Business lending increased in March across a number of sectors including construction, manufacturing, retail and wholesale, and utilities.”