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    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
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    Finance

    Posted By Global Banking and Finance Review

    Posted on January 3, 2025

    Featured image for article about Finance

    (Reuters) - British lenders approved fewer mortgages than expected in November and consumer lending increased at the weakest pace since mid-2022, according to Bank of England data that chimed with other indications of a slowing economy.

    Mortgage approvals fell to 65,720 mortgages in November from 68,129 in October, the lowest reading since August.

    A Reuters poll of economists had pointed to approvals of around 68,500.

    The data also showed a smaller-than-expected net increase in consumer lending, which fell to 878 million pounds ($1.09 billion) in November from 995 million pounds in October - marking the smallest increase since June.

    The annual growth rate of consumer credit cooled in November to 6.6% from 7.3%, the slowest pace since June 2022, the BoE data showed.

    ($1 = 0.8064 pounds)

    (Reporting by Andy Bruce; editing by William James and David Milliken)

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