Lending to Britons expanded last month at the fastest annual pace in 11 years and mortgage approvals were stronger than expected, bolstering the picture of resilient consumer demand after June’s Brexit vote.
Consumer credit increased last month by 1.62 billion pounds, up from 1.48 billion pounds in September and taking the annual growth rate to 10.5 percent – the strongest since October 2005, Bank of England data showed on Tuesday.
Mortgage approvals for house purchases increased to 67,518 in October from 63,594 in September. Analysts in a Reuters poll had forecast 65,000 mortgage approvals were made in October.
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