Important improvement for UK money and credit data. GBP/USD resumes the rally

UK broad money, M4ex, is defined as M4 excluding intermediate other financial corporations (OFCs). M4ex increased by £11.7 billion in October, compared to the average monthly increase of £14.5 billion over the previous six months. The three-month annualised and twelve-month growth rates were 6.9% and 7.8% respectively.

Households' holdings of M4 increased by £5.0 billion in October, compared to the average monthly increase of £7.5 billion over the previous six months. The three-month annualised and twelve-month growth rates were 5.4% and 6.7% respectively. M4 lending to households increased by £4.2 billion in October, compared to the average monthly increase of £3.5 billion over the previous six months. The three-month annualised and twelve-month growth rates were 3.9% and 4.0% respectively.

Loans to financial and non-financial businesses decreased by £8.2 billion in October, compared to the average monthly increase of £2.3 billion over the previous six months. The decrease was mainly in loans to businesses in the financial services industry (£10.5 billion). The twelve-month growth rate was 1.0%.

The number of loan approvals for house purchase was 67,518 in October, compared to the average of 63,914 over the previous six months. The number of approvals for remortgaging was 43,513, compared to the average of 42,115 over the previous six months. The number of approvals for other purposes was 13,427, compared to the average of 12,726 over the previous six months