Latest data released by the BOE - 2 June 2020
- Prior 56.2k; revised to 56.1k
- Net consumer credit -£7.4 billion vs -£4.5 billion expected
- Prior -£3.8 billion
Slight delay in the release by the source. Mortgage approvals hit a record low in the month of April amid lockdown measures and the impact from the virus outbreak but more notably, we also see consumer credit plunge to its weakest on record as well.
Consumer credit growth is seen contracting at a pace of 0.4% year-on-year, falling from a growth of 3.6% (revised) year-on-year in March.
Once again, this just highlights the painful developments in the UK economy and it will take a lot in terms of effort from the BOE and the government to get things back in shape.
