Bank of England Money and Credit Statistics

The Bank of England has this week released its Money and Credit Statistics for October. The key figures highlight that:

• Consumers borrowed an additional £0.8 billion in consumer credit, above the £0.6 billion borrowed in September
• Net borrowing of mortgage debt by individuals decreased from £5.9 billion to £4.0 billion in October
• Mortgage approvals for house purchases decreased to 59,000 in October from 66,000 in September
• The ‘effective’ interest rate – the actual interest rate paid – on newly drawn mortgages increased by 25 basis points, to 3.09% in October.

Source: Bank of England