UK money supply stable in August

M4 increased by £2.9 billion in August, compared to the average monthly increase of £14.1 billion over the previous six months. The three-month annualised and twelve-month growth rates were 10.9% and 7.3% respectively.

M4 lending excluding intermediate OFCs. M4Lex increased by £5.0 billion in August, compared to the average monthly increase of £12.1 billion over the previous six months. The three-month annualised and twelve-month growth rates were 7.2% and 6.6% respectively.

Households' holdings of M4 increased by £4.0 billion in August, compared to the average monthly increase of £7.9 billion over the previous six months. The three-month annualised and twelve-month growth rates were 6.1% and 6.5% respectively.

M4 lending to households increased by £3.9 billion in August, compared to the average monthly increase of £4.1 billion over the previous six months. The three-month annualised and twelve-month growth rates were 3.6% and 4.0% respectively.

Deposits from financial and non-financial businesses increased by £19.6 billion in August, compared to the average monthly increase of £12.5 billion over the previous six months. The increase was mainly in deposits from businesses in the financial services industry (£17.3 billion). The twelve-month growth rate was 5.1%. Loans to financial and non-financial businesses decreased by £0.3 billion in August, compared to the average monthly increase of £7.9 billion over the previous six months. The twelve-month growth rate was 2.0%.

Consumer credit increased by £1.6 billion in August, broadly in line with the average over the previous six months. The threemonth annualised and twelve-month growth rates were 10.4% and 10.3% respectively.