BoE Money and Credit comment

Commenting on the Bank of England Money and Credit data, Simon Webb, managing director of capital markets and finance at LiveMore said:“Mortgage approvals for house purchases were down by more than 10% to 66,800 in September from the previous month and there was no change in net borrowing.

“This indicates we could be starting to see the housing market slowing down as the cost of borrowing increases. Base rates will rise again when the Monetary Policy Committee meets on Thursday likely moving up to at least 3%, a rate not seen since November 2008.”