Latest data released by the BOE - 4 January 2019
- Prior 67.1k; revised to 66.7k
- Net consumer credit £0.9 bn vs £1.0 bn expected
- Prior £0.9 bn; revised to £0.8 bn
Mortgage approvals fall to its lowest since April but the real concern here is consumer credit growth as it comes in at +7.1% y/y. That's the weakest annual growth rate in consumer credit since March 2015. It indicates that the UK economy isn't running hot at all and will pose some doubts to the BOE as they continue to hope to raise rates once the Brexit storm cloud clears.
