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UK annual consumer credit growth hits slowest rate since June 2014

The annual growth rate of consumer credit in the U.K. slowed to 5.7% in November 2019 from 6.1% in the previous month, reflecting the weakest pace of increase since June 2014, data from the Bank of England showed.

The monthly growth rate eased to 0.3% in November 2019 from 0.6% in October 2019. The net amount of new consumer borrowing declined to £600 million from £1.3 billion over the same period, marking the weakest reading since November 2013 and falling short of the £1.1 billion average seen since July 2018.

The annual growth rate of other loans and advances eased month over month to 6.6% from 6.8%. Credit card lending annual growth slipped to 3.9% from 4.7%.

Mortgage approvals for house purchases rose to 64,994 from 64,662. Meanwhile, remortgaging approvals dropped to 48,425 from 50,983.

Broad money M4, a measure of notes and coins in circulation plus bank accounts, gained 0.6% in monthly terms and was up 4.0% on an annual basis in November 2019.

Money holdings of nonintermediary other financial corporations rose 1.8% month over month in November 2019. Money held by households increased 0.3% and money holdings of businesses advanced 0.7%.

On Dec. 20, 2019, a release from the Office for National Statistics showed that net borrowing in the U.K. public sector, excluding banks, rose by £200 million year over year to £5.6 billion in November 2019, compared with expectations for borrowings to reach £6.7 billion in the month.