UK February mortgage approvals 64.3k vs 65.0k expected
Latest data released by the BOE - 29 March 2019
- Prior 66.8k
- Net consumer credit £1.1 billion vs £0.9 billion expected
- Prior £1.1 billion; revised to £1.2 billion
Mortgage activity dipped a little last month but the bigger takeaway is that consumer credit growth slowed to just +6.3% y/y in February compared to the +6.5% y/y reading in January. This represents the slowest pace of consumer credit growth since September 2014.
Once again, it highlights that the UK economy is still struggling in light of Brexit uncertainty and it's hard to justify a rate hike by the BOE from this angle when the economy is not even close to running hot at the moment.