UK mortgage approvals highest in nearly four years

The Bank of England has released three key pieces of data this morning.

UK consumer credit was up 34 per cent to £700m in May from £524m in April (£600m expected).

Meanwhile, net lending to individuals was down 29 per cent to £1bn, following an unexpected rise to £1.4bn in April from £900,000 in March (£1.4bn expected).

Finally, mortgage approvals were up 8.4 per cent to 58,242, the highest since December 2009 and up from 53,710 the month before (55,800 expected).

On the news, sterling rocketed up against the US dollar.