Latest BOE credit conditions survey now out 13 July

  • banks turning more cautious on UK economy
  • banks plan to tighten credit standards further in July-Sept period for credit cards and other unsecured borrowing
  • expects mortgage lending demand to rise in Q3
  • demand for borrowing by large cops to fall further in Q3

So the banks have shored up their defences on years of cheap money and now putting the squeeze on their customers? What a joke.

Yes household debt is at worrying levels and one very good reason not to hike rates but similarly consumers need a supply line too of some degree if they are not to go under.

Having said that do they really deserve sympathy if making the same mistakes as pre 2008 or can we say they, and a new generation of borrowers, have been fooled into believing the UK economy hype fed to them by govt and CB alike? Either way it does not augur well.

Survey conducted between 22 May and 9 June, mostly ahead of the UK snap election on June 8

Read it all here

GBPUSD currently lower at 1.2929 as EURGBP finds a few buyers and EURUSD tests 1.1400.

Latest BOE credit conditions survey sees reduced lending over coming months