BoE: Money and credit statistics released – November 2020

Industry News | 04/01/21

These monthly statistics on the amount of, and interest rates on, borrowing and deposits by households and businesses are used by the Bank’s policy committees to understand economic trends and developments in the banking system.
Key points:
• Net mortgage borrowing strengthened to £5.7 billion in November. Mortgage approvals for house purchase increased further to 105,000, the highest since August 2007. Effective interest rates on new mortgage borrowing ticked up to 1.83%.
• Consumer credit remained weak in November, with households making net repayments of £1.5 billion. Effective rates on new personal loans increased by 31 basis points to 5.46%.
• Private non-financial companies borrowed £2.3 billion from capital markets in November. Bank borrowing by small and medium-sized businesses remained strong at £1.8 billion, whilst net borrowing by large businesses was £0.2 billion.
• Household deposits increased by £17.6 billion in November, but there were significant withdrawals from National Savings and Investment accounts. Business deposit flows remained strong at £5.3 billion. Deposit interest rates remained at historically low levels.

Source: Bank of England