Net Consumer Credit And Mortgage............>

UK DATA: Net Consumer Credit And Mortgage Approvals At New Series Low

- MAY Net Consumer Credit -GBP4.597bn vs APR GBP7.425bn

- MAY Mortgage Approvals 9,273 vs APR 15,851

- MAY Net Secured Lending GBP1.224bn vs APR GBP13bn

- MAY M4 +2.0% m/m, +11.9% y/y vs APR +1.5% m/m, +9.5% y/y

- MAY M4 ex-IOFCs +2.2% m/m, +11.3% y/y vs APR +1.6% m/m, +9.0% y/y

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Net consumer credit fell further in May with households repaying more loans from

banks than they took out as Covid-19 continued to weigh on spending. In May, a

GBP4.6bn net repayment of consumer credit offset a small increase in mortgage

borrowing. The annual growth rate slipped to -3.0% in May, posting the weakest

level since the series began in 1994. Mortgage approvals registered a new record

low, falling to 9,273 in May - 90% below Feb's level. The cost of new consumer

credit fell again in May to 5.1%, while the interest rate on new secured loans

remained broadly unchanged. Meanwhile, HH and businesses again increased their

deposits in banks and building societies in May, with M4ex rising to GBP52.0bn.