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- UK’s consumer credit increases GBP0.3 billion in August
UK’s consumer credit increases GBP0.3 billion in August
The Bank of England’s
(BoE) monthly Money and Credit statistical release revealed that consumer
credit in the UK increased GBP0.3 billion in August, following a revised GBP1.1
billion gain in July (originally GBP1.2 billion). Economists had forecast a
GBP1.45 billion advance. In y-o-y terms, consumer credit dropped 3.9 percent,
following a 3.7 percent drop in July. This was a new series low since it began
in 1994.
Meanwhile, net
mortgage borrowing by households stood at GBP3.1 billion in August
compared to a revised GBP2.9 billion in July (originally GBP2.7 billion).
Economists had forecast GBP3.65 billion. The m-o-m advance reflected slightly
higher gross borrowing of GBP18.8 billion, although it is still below the
pre-COVID February level of GBP23.7 billion. The report also showed that the
number of mortgages approvals for house purchase climbed to 84,700 in August (the
highest since October 2007), from 66,300 in July, beating market expectations
of 71,000.
Net lending to
individuals in the UK was GBP3.4 billion in August compared to GBP3.9 billion
in July.
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