- Prior 0.74bn. Revised to 0.72bn
- M4 money supply +0.1% vs -0.1% prior m/m
- -0.6% vs -0.6% exp y/y. Prior -0.9% revised to -0.8%
- M4 ex IOFC’s 3m annualised 4.6% vs 3.8% exp y/y. Prior 2.7%
The exact consumer credit number is £0.418bn so I’ve rounded it up in the headline.
I’d like to say that the drop in consumer credit is due to higher wages and real incomes boosting peoples pockets meaning they need to borrow less. Unfortunately I can’t so this is likely be a combination of the risk of rate increases getting people worried and signals that we are going to see a slowdown in spending.
In the lending figures, non-financial business lending was down 3.448bn from +2.323bn in May and the biggest drop since November last year. SME lending was up by 235m.
UK consumer credit 29 07 2014
