- lowest since October
- 76.95k prev
- mortgage lending GBP +1.72bln vs +1.6bln exp vs +1.42bln prev
- net lending to individuals GBP +0.55bln vs +0.7bln exp vs +0.66bln prev
- M4 money supply growth m/m +0.7% vs +0.5% exp vs +0.3% prev
- biggest increase since Jan 2013
- y/y +0.7% vs -0.2% prev revised up from -0.3%
- lending to non-fin businesses fell GBP800 mln in Feb
Mixed data as mortgage approvals down but lending up, no doubt taking up the slack from recent approvals, and M4 higher than expected.
I’m not liking that drop in lending to non-fin business. I’ve long been calling for greater support for that sector but looks like it’s still lacking despite overall money supply increase. That’s not going to help the next stage of the recovery.
GBPUSD still around 1.6630 but pound losing earlier gains. EURGBP 0.8279 helped by month-end demand.
UK Mortgage Approvals Feb
UK M4 Money Supply Feb
