LONDON, Dec 1 (Reuters) – British mortgage approvals rose by more than expected in October and consumer credit grew at a slower pace than in September, Bank of England data showed on Monday.
The BoE said 65,018 mortgages were approved in October, down from 65,647 in September. Economists polled by Reuters had pointed to 64,200 approvals during the month.
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The BoE’s data also showed consumers borrowed at a slower rate ahead of finance minister Rachel Reeves’ budget this month.
Net consumer borrowing rose by 1.1 billion pounds ($1.45 billion) in October, less than the 1.35 billion-pound forecast in the Reuters poll of economists.
The increase was below September’s 1.398 billion pound rise, leaving the annual rate of consumer credit growth unchanged at 7.2%.
($1 = 0.7561 pounds)
UK lenders approve more mortgages than expected in October
