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- UK broad money fell by £0.8 billion in July
UK broad money fell by £0.8 billion in July
Broad money fell by £0.8 billion in July, the first negative outturn since April 2016. Within this, households' money increased by a similar amount to the recent average but this was largely offset by a fall for non-intermediate other financial corporations (NIOFCs). Private non-financial corporations (PNFCs) money fell by a small amount (Table C), the first fall since April 2016. The net flow of sterling credit was close to zero in July. Increases in both households' and PNFCs' borrowing were almost fully offset by a fall in NIOFCs' borrowing.
The £3.6 billion flow of net secured lending in July was similar to recent months. At 68,689, house purchase approvals were stronger than recent months, returning to the levels seen at the beginning of the year. Approvals for remortgaging, at 46,231, were also stronger and have been on a slight upward trend. The annual growth rate of consumer credit fell to 9.8%, the lowest since April 2016, as the July flow was a little weaker than recent months.
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