GEOFFREY DICKS, RBS FINANCIAL MARKETS, LONDON: "The recovery in mortgage approvals to a seven-month high and a bounce in consumer credit both surprised on the upside. In % terms mortgage borrowing has risen 0.8% in each of the last five months which suggests stability more than anything. Overall a bit more life in the housing market and in credit demand than might have been expected given all the gloomy anecdotal stories."