Latest data released by the BOE - 31 January 2020
- Prior 65.0k; revised to 65.5k
- Net consumer credit £1.2 billion vs £0.9 billion expected
- Prior £0.6 billion; revised to £0.7 billion
Despite the jump in mortgage approvals, the bright spot in the report in my view is that consumer credit growth showed some improvement - rising from +5.9% y/y (revised) in November to +6.1% y/y in December.
It is still at weak levels but at least there is some mild form of improvement that may give policymakers some encouragement with regards to the UK economic outlook.
That said, there needs to be more consistency in the data to reaffirm any recovery. Otherwise, it will continue to allude to the UK economy not firing on all cylinders whatsoever.
