UK consumer credit fell slightly in September but remained above UK?2bn, according to the Bank of England. UK net new consumer credit remained robust, totalling ?2.035bn on a seasonally-adjusted basis, compared with August's upwardly revised total of ?2.062bn, the bank said. The August figure was the highest since records began in 1993. The current three month growth rate in total consumer credit, at 17.3pc, is the highest since March 1998, while the annual rate, which currently stands at 15.8pc, is at its highest since January 1999.
Within the consumer credit total in September, credit card credit was ?741m, from a downwardly revised ?807m in August. Net lending secured on dwellings and net lending hit record highs last month, the Bank of England said, as consumers continue to take advantage of the lowest interest rates in almost four decades. The former rose to ?6.88bn in September from ?6.73bn the previous month, while total net lending, which includes both lending secured on dwellings and consumer credit rose to ?8.9bn from ?8.8bn.
The bank added that the value of approvals of new mortgage loans rose to ?20.7bn in September from ?19.1bn in August. //www.fxcentre.com