Latest data released by the BOE - 29 July 2020
- Prior 9.3k
- Net consumer credit -£0.1 billion vs -£2.0 billion expected
- Prior -£4.6 billion; revised to -£4.5 billion
Slight delay in the release by the source. Mortgage approvals rebound in June following the low figures posted in April and May. But that sort of belies the underlying conditions that the credit data are suggesting from the report.
Consumer credit growth slumped further from -3.0% y/y in May to -3.6% y/y in June and that to me remains the standout data point. Granted that the struggle in consumer credit already began before the virus crisis, this pretty much just exacerbates that.
