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UK Consumer Lending Stable in June

30 Jul 2018 8:33 am
By Jason Douglas 

LONDON--British consumer borrowing remained broadly stable in June, figures showed on Monday, suggesting another month of steady if unspectacular growth in household spending.

Bank of England data showed banks lent 5.4 billion pounds ($7.08 billion) to consumers in June, net of repayments, a touch higher than the GBP5.3 billion in May.

Borrowing on credit cards and other unsecured forms of lending was flat at GBP1.6 billion, while mortgage lending inched higher.

The number of new home loans approved by lenders in June also rose compared with May, to 65,619.

The data on mortgage lending offer signs that prospective homeowners may be seeking to finalize their purchases before an anticipated rise in borrowing costs this week.

The BOE is expected to lift its benchmark interest rate to 0.75% Thursday from 0.5% currently.

Write to Jason Douglas at Jason.Douglas@wsj.com

(END) Dow Jones Newswires

July 30, 2018 04:33 ET (08:33 GMT)

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