Latest data released by the BOE - 30 January 2019
- Prior 63.7k; revised 64.0k
- Net consumer credit £0.7 billion vs £0.8 billion expected
- Prior £0.9 billion; revised to £1.0 billion
With the revision to November, the mortgage approvals here is the lowest since April last year. But the more concerning part is consumer credit growth as it falls to just +6.6% y/y in December from the +7.2% y/y reading in November. That's the slowest growth rate in consumer credit since December 2014.
Once again, that shows that if the BOE is looking to raise rates still, it needs to consider that it is going to do so in an environment where the economy isn't exactly firing on all cylinders.
