Money and Credit - February 2018

Our monthly Money and Credit statistical release is made up of three parts: broad money and credit, lending to individual and lending to businesses.
Published on 29 March 2018

Key points from the data to the end of February 2018 include:

Part one: Broad money and credit

  • Broad money decreased by £0.7 billion in February (Table A). Within this, the flow of private non-financial corporations' (PNFCs') M4 was £1.9 billion (Table C), broadly in line with the recent average. The flow of households' M4 was £0.3 billion, taking the 12-month growth rate to 2.4% (Table B), the lowest since November 2011. 
  • The net flow of sterling credit continued to be weak in February at -£2.3 billion (Table A). Within this, however, the flow for households was broadly stable at £3.7 billion (Table B). The net sterling credit to PNFCs was £1.7bn, well above the recent average.

Part two: Lending to individuals

  • Annual growth in secured lending was unchanged at 3.3% in February (Table H) and net lending was in line with the previous six-month average at £3.7 billion. 
  • Mortgage approvals continue to be volatile and have fallen below their previous six-month average (Table I) for both house purchase and remortgaging in February, to 63,910 and 46,622 respectively.
  • The annual growth rate for consumer credit ticked up slightly to 9.4% (Table J), although net lending remains broadly in line with its previous six-month average.

Part three: Lending to businesses

  • PNFCs raised £2.7 billion from UK MFIs and Capital Markets in February, with the main contribution from Commercial Paper issuance at £3.0 billion (Table L). This increase was partly offset by a weak net bond issuance (-£2.0 billion).
  • Borrowing by non-financial businesses from MFIs increased by £3.6 billion in February (Table M). Net lending to SMEs has increased following a rather weak January.

PDF Money and Credit - February 2018

Excel Tables A-O

Excel Highs and lows

Next release date: 1 May 2018

Further details about these data are available on the National Archives.

View and download more money and credit data


Queries

If you have any comments or queries about this release please email dsd_ms@bankofengland.co.uk.

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