October 2017 UK mortgage approvals and Bank of England consumer credit report 29 November 2017

  • Prior 66,232
  • Mortgage lending 3.392bn vs 3.600bn exp. Prior 3.848bn
  • Total lending 4.842bn vs 5.237bn prior
  • BOE consumer credit 1.541bn vs 1.500bn exp. Prior 1.606bn
  • Of which credit card lending 394m vs 641m prior. Revised to 617m
  • Total lending non-financials 557m vs -1.389bn prior. Revised to -1.405bn
  • Of which SME’s -399m vs -438m prior. Revised to +442m
  • M4 money supply 0.65 vs -0.25 prior m/m. Revised to -0.1%
  • 4.1% vs 4.85 prior y/y
  • Ex-financials 0.2% vs 0.2% prior m/m
  • 4.2% vs 4.5% prior y/y

Steady numbers here and nothing to rock the boat. A bit volatile in the business lending component, what with the huge revision. Credit growth is at an 18 month low so at least folks aren’t getting themselves in trouble. However, the flip side is that could mean weaker consumer demand, i.e lower retail sales.

GBPUSD not doing much but it’s 5 pips under 1.3400 now.


Ryan Littlestone

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