BoE stats show lending on up

The Bank of England increased its total net lending to individuals by 8.9 billion last month, according to new statistics for August.

12:26 29 September 2005

The Bank of England (BoE) increased its total net lending to individuals by 8.9 billion last month, according to new statistics for August.

However, though this figure is up on the increase on total net lending for July, it is still more or less in line with the previous six-month average.

The BoE also revealed that net lending secured on dwellings rose by 7.6 billion, an increase greater than that which occurred in July, and also stronger than the previous six-month average.

The twelve-month growth rate fell by 0.1 per cent to 10.3 per cent in August, although the number of loans approved for house purchase, remortgaging and other purposes all increased.

The increase in consumer credit by 1.3 billion was also slightly higher than July's outturn, with net credit card lending was stronger than July, although other loans and advances fell behind July's outturn and the six-month national level.