Consumer borrowing and mortgage lending in Britain continued to increase last month, according to new figures from the Bank of England The central bank said that lending secured on dwellings rose to STG7.87bn in October from STG6.92bn the previous month, the largest figure since comparable records began in 1993 Consumer credit also grew in October, rising by STG1.8bn, although this was smaller than expected and the weakest rise since January Total net lending in October, which includes both lending secured on dwellings and consumer credit, rose to STG9.66bn from STG8.97bn the previous month. The Bank of England added that the value of approvals of new mortgage loans rose to STG22.8bn from STG21.26bn in September, with the number of approvals rising to 124,000 from 119,000.
Earlier this month, the central bank's policymakers voted to leave rates on hold at 4.0pc for a 12th month, and are not expected to lower rates in the medium term due to fears of further inflating the housing market. //www.fxcentre.com