According to the Bank of England M4 increased by £25.4 billion in July, compared to the average monthly increase of £11.7 billion over the previous six months. The three-month annualised and twelve-month growth rates were 14.7% and 6.9% respectively.
Households’ holdings of M4 increased by £8.9 billion in July, compared to the average monthly increase of £7.5 billion over the previous six months. The three-month annualised and twelve-month growth rates were 7.4% and 6.7% respectively.
Loans to financial and non-financial businesses decreased by £2.7 billion in July, compared to the average monthly increase of £10.8 billion over the previous six months. The decrease was mainly in loans to businesses in the financial services industry (-£4.7 billion). The twelve-month growth rate was 2.3%.
Total lending to individuals increased by £3.8 billion in July, compared to the average of £5.1 billion over the previous six months. The three-month annualised and twelve-month growth rates were 3.7% and 4.1% respectively.
The number of loan approvals for house purchase was 60,912 in July, compared to the average of 68,775 over the previous six months. The number of approvals for remortgaging was 43,084, compared to the average of 41,887 over the previous six months. The number of approvals for other purposes was 12,635, in line with the average over the previous six months.
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