Britain’s consumer borrowing and mortgage lending gathered momentum last month, suggesting economic growth will beat a weak start to 2017 as the Bank of England considers when to start to raise interest rates.
BoE data on Thursday showed growth in unsecured consumer borrowing picked up to 10.2 percent on an annualised basis in the three months to May from April’s 9.7 percent, its joint highest reading since November.
BoE Governor Mark Carney said on Wednesday that the central bank would discuss over the coming months when to start to raise interest rates from their current record low, prompting markets to bring forward bets on when rates will rise.
Economic data has been mixed so far this quarter, but Thursday’s figures exceeded expectations.
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