British consumer credit surges, mortgage approvals edge higher

British consumer credit continued to grow during October at rates not seen since 2006, while mortgage approvals edged up, Bank of England data showed yesterday.

While lending to consumers rose slightly less than forecast by £1.178 billion (€1.671bn) last month, consumer credit was 8.2% higher compared with October last year — a rate of growth that matched September’s 9-1/2-year high.

Mortgage approvals for house purchases numbered 69,630 in October, up from 69,012 in September month.