Money supply grows the most in nine months, according to Bank

THE money supply showed its biggest monthly growth in nine months, raising hopes that the Bank Of England&rsquo;s &pound;200bn stimulus measures may be working.<br /><br />Official figures released yesterday showed broad money or M4, which is made up of bank and building society deposits and cash, grew by 1.8 per cent in October.<br /><br />That was the best monthly result since the Bank embarked on its quantitative easing scheme in March.<br /><br />The Bank, which voted to expand its QE purchases by &pound;25bn earlier in the month, will publish more detailed data on money growth next week.<br /><br />Lending also rose by one per cent month-on-month, the biggest increase since last December &ndash; although the annual growth rate slowed further to 6.8 per cent.