October 2017 UK BBA mortgage approvals 24 November 2017

  • Prior reivised to 41,576
  • Net mortgage lending 1.815bn vs 2.184bn prior. Lowest since Jul
  • Net lending to non-financials 1.501bn vs -0.299bn prior.
  • Net credit card lending 81m vs 318m prior. Weakest since Dec 2016
  • UK finance says businesses are taking a cautious approach to borrowing and demand for SME credit is falling in Q3

Ordinarily a drop in credit card spending would be a good thing, if ti was due to folks not overextending themselves. In this case it might bode bad news for consumer spending. It’s also surprising that we didn;t see a rush into mortgages to front run the BOE hike, but we may see that in the Nov. numbers

 

Ryan Littlestone

Psychedelic chartist extraordinaire. Have your shades ready.
Philosophy: “Don’t be a Dick for a tick”

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Ryan Littlestone

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