UK consumer credit rebounds in May – BOE

British consumer borrowing surged in May, marking the largest increase in four months following a downturn in April, according to data from the Bank of England (BOE) released on Monday.

Borrowing grew by a net 1.5 billion pounds ($1.9 billion), up significantly from April’s rise of 790 million pounds.

The May increase, which coincided with a rebound in retail sales as reported by official data, slightly exceeded expectations. Analysts polled by Reuters had forecast a median rise of 1.45 billion pounds.

Meanwhile, the Bank of England noted a slight decrease in mortgage approvals for May, with 59,991 approvals compared to 60,821 in April, aligning closely with analyst forecasts.

Earlier in the day, mortgage lender Nationwide reported a modest rise in British house prices for June compared to May, despite ongoing pressure from higher borrowing costs impacting the property market.

Attribution: Reuters.