Latest data released by the BOE - 1 July 2019
- Prior 66.3k; revised to 66.0k
- Net consumer credit £0.8 billion vs £0.9 billion expected
- Prior £0.9 billion; revised to £1.0 billion
Slight delay in the release by the source. Despite mortgage activity holding somewhat steady, the more crucial data point in the release is that we're seeing UK consumer credit growth slow to its weakest pace since April 2014.
Consumer credit grew at a pace of 5.6% y/y in May relative to the 5.9% y/y reading in April. That's indicative of further weakening in economic conditions and will be something that the BOE should take notice of.