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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: sciAticA errAticA who wrote (32906)	5/2/2003 7:45:54 AM
From: sciAticA errAticA	Read Replies (1) \| Respond to of 74559

UK consumer borrowing up by biggest rate for six months By Lydia Adetunji Published: May 1 2003 10:26 \| Last Updated: May 1 2003 10:26 Consumer enthusiasm for borrowing remained high in March, fuelled by the lowest interest rates in almost 50 years, figures showed on Thursday. The Bank of England said consumer credit grew by £1.9bn - or 1.2 per cent - in March, the biggest rise since last September. The annual growth rate in the three months to March rose to 14.5 per cent, compared with 14.3 per cent in the preceding three month period. Lending on credit cards rose by £759m in March, compared with a February increase of £513m. The same month saw a larger-than-expected 0.6 per cent rise in retail sales volumes as shoppers were tempted out onto the high street by the sunniest March on record. Mortgage lending grew by £7.4bn - or 1.1 per cent - in March, an even larger rise than the £7.1bn increase seen in February. However, the number of loans approved for house purchases actually fell from 100,000 in February to 98,000 in March. That backs up other recent evidence that mortgage lending is being driven by consumer enthusiasm for remortgaging and equity withdrawal loans rather than by home buying. Total lending to individuals grew by £9.3bn in March, against the £8.6bn rise recorded in February. news.ft.com