Latest data released by the BOE
- Prior 65.3k; revised to 65.7k
- Net consumer credit £0.9 bn vs £1.0 bn expected
- Prior £0.8 bn; revised to £0.9 bn
Mortgage approvals rise to the highest since January while consumer credit growth slips to +7.5% y/y, which is the weakest since May 2015. September's reading for consumer credit growth was +7.9% y/y. Despite the rise in mortgage activity, I'd be more concerned about credit growth as a whole as it reflects that the economy isn't exactly firing on all cylinders.
That will be something for the BOE to consider next year but first thing's first, the issue of Brexit needs to be settled.
