Brexit Not Doing Consumer Credit Demand Any Harm

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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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam

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