Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether his Department has made an estimate of the number of people who have bought buy-now pay-later interest-free products in (a) 2022 and (b) 2023.

HM Treasury regularly monitors the consumer credit market as part of its normal process of policy development.

The department does not hold precise information on the number of consumers who used Buy-Now Pay-Later (BNPL) products in (a) 2022 and (b) 2023. Instead, HM Treasury draws on the research of various stakeholders to inform policy development. The Financial Conduct Authority’s Financial Lives surveys include findings on the number of people using BNPL and can be accessed here: https://www.fca.org.uk/publications/research-notes/deferred-payment-credit-findings-financial-lives-survey.