Investing.com - Net lending to individuals and households in the U.K. rose less than expected in September, reflecting weaker demand for credit, official data showed on Wednesday.
In a report, the Bank of England said total net lending to individuals increased by ₤2.7 billion last month, below forecasts for net lending of ₤2.8 billion and down from ₤3.2 billion in August.
Net secured lending rose by ₤1.8 billion in September, missing expectations for an increase of ₤2.1 billion, after rising by ₤2.2 billion in August.
Net consumer credit, including personal loans, overdrafts, and credit card lending, increased by ₤0.9 billion, above forecasts for ₤0.8 billion and compared to ₤1.0 billion in August.
Meanwhile, the M4 Money Supply fell by a seasonally adjusted 0.7% in September, confounding expectations for a gain of 0.5% and following an increase of 0.3% in August.
The report also showed that the number of final mortgage approvals fell to 61,270 in September from 64,050 in August. Economists had expected mortgage approvals to decline to 62,250.
GBP/USD was trading at 1.6123 from around 1.6128 ahead of the announcement, while EUR/GBP was at 0.7896 from 0.7892 earlier.
Meanwhile, European stock markets were higher. London’s FTSE 100 rose 0.55%, the DJ Euro Stoxx 50 tacked on 0.15%, France’s CAC 40 picked up 0.2%, while Germany's DAX advanced 0.75%.