Key points from the data to the end of September 2017 include:
Part one: Broad money and credit
- Broad money increased by £3.0 billion in September (Table A). Within this, the flow of household M4 was the largest contributor at £3.8 billion (Table B). The flow of M4 for private non-financial corporations (PNFCs) was -£1.5 billion (Table C), a particularly weak outturn.
- The net flow of sterling credit remained robust at £9.6 billion in September (Table A). Within this, lending to households has been growing steadily at around 4% per year (Table B).
Part two: Lending to individuals
- Mortgage approvals for house purchase fell slightly to 66,232 in September, close to their recent average (Table I).
- The annual growth rate of consumer credit has remained broadly unchanged since June, at around 10%. The flow was £1.6 billion in September, also close to its recent average (Table J).
Part three: Lending to businesses
- PNFCs raised a net of £2.1 billion from UK MFIs and capital markets in September (Table L), mainly driven by strong bond issuance.
- Large non-financial businesses made net repayments of £1.8 billion of loans in September (Table M), with manufacturing contributing the most to this movement (Table O).
Money and Credit - September 2017
Highs and lows