Latest data released by the BOE - 3 January 2020

  • Prior 64.6k; revised to 64.7k
  • Net consumer credit £0.6 billion vs £1.0 billion expected
  • Prior £1.3 billion

Mortgage approvals may have increased a little but the standout item from the report is that consumer credit growth slows down further to just +5.7% y/y from +6.1% y/y in October. That's the weakest growth level since June 2014.

This just reaffirms once again that the UK economy is far from running hot under current circumstances and it will feed the narrative for the BOE to add stimulus to the economy.