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mpc: 14 Retail sales were showing some signs of slower growth, and the Bank's regional Agents reported that some retailers were disappointed with their sales in November. The GfK measure of consumer confidence had fallen a little, largely because consumers were less confident that it was a good time to make a major purchase. But that was perhaps to be expected, given the increase in interest rates and the extensive press commentary on the dangers of excessive household borrowing. The latest CBI Distributive Trades survey showed less buoyancy in retail sales in November, and falls in optimism in all three distribution sectors. The growth of unsecured lending, while still rapid, had also eased ­ continuing a pattern that had now been evident for some months. This might be a better indicator of the immediate outlook for consumer spending than the growth in secured borrowing, as that was driven largely by house prices and housing market turnover. But the easing in unsecured borrowing growth could simply reflect substitution of secured for unsecured borrowing, a shift which was both cost-effective and was being encouraged by lenders. It was also noted that credit card borrowing growth remained strong.