DALY SEES 'NO URGENCY TO ADJUST THE POLICY RATE'

MNI BRIEF: Fed’s Collins Sees Rate Cuts Later Than Had Thought

MNI BRIEF: China March M2 Slows More Than Expected

MNI BRIEF: China Tightens Stock Market Supervision

MNI BRIEF: China Mar Exports Jump On Demand; Imports Improve

MNI: PBOC Sets Yuan Parity Lower At 7.0967 Fri; -4.87% Y/Y

MNI: BAKER HUGHES US RIG COUNT 617; OIL RIGS 506; GAS RIGS 109

March Home Sales Jumped At End Of Month

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Net Consumer Credit and Mortgage Approvals See modest recovery

UK DATA
MNI (London)

AUG Net Consumer Credit GBP0.3bn vs JUL GBP1.1bn
AUG Mortgage Approvals 84,700 vs JUL 66,300

  • Net consumer credit remained positive in Aug at GBP0.3bn, however slightly weaker than in Jul.
  • This follows a series of net repayments between Mar and Jun.
  • The weakness in consumer credit net flows shifted the annual growth rate down to -3.9% in Aug, a new series low since it began in 1994.
  • Mortgage approvals increased sharply to 84,700 in Aug, the highest number of approvals since Oct 2007, although it only partially offset the weakness seen between Mar and Jun.
  • Total approvals in 2020 are still below the level seen in 2019 at the same time.
  • The cost of new consumer credit increased to 4.71%, the highest rate since May, while the interest rate on new secured loans edged down for the second consecutive month to 1.72%.
  • Mortgage approvals increased sharply to 84,700 in Aug which is the highest number of approvals since Oct 2007, although it only partially offset the weakness seen between Mar and Jun.
  • Total approvals in 2020 are still below the level seen in 2019 at the same time.
  • The cost of new consumer credit increased to 4.71%, which is the highest rate since May, while the interest rate on new secured loans edged down for the second consecutive month to 1.72%.
MNI London Bureau | +44 203-865-3814 | irene.prihoda@marketnews.com
DataHomepagemarkets-real-timeData BulletBulletMarketsFixed Income BulletsForeign Exchange Bullets

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.