BoE Money and Credit Statistics – March 2023

The Bank of England (BoE) has published its latest Money and Credit Statistics for March. The key figures highlight that:

• Consumers borrowed an additional £1.6 billion in consumer credit in March, compared with £1.5 billion borrowed during February
• The additional consumer credit borrowing was split between £0.7 billion of borrowing on credit cards and £0.9 billion of borrowing through other forms of consumer credit
• Net mortgage approvals for house purchases rose significantly to 52,000 in March, from 44,100 in February
• The ‘effective’ interest rate – the actual interest rate paid – on newly drawn mortgages increased by 17 basis points, to 4.41% in March.

Source: Bank of England