The Bank of England recently announced that it had decided to leave the Bank Rate untouched at 0.5%.
This remains unchanged since 5th March 2009 – a continuing historic low duing the uncertain economic climate.
The Banks Monetary Policy Committee also decided to leave the level of the Asset Purchase Programme at £325 billion.
At the end of May the Bank also released their statistics on Lending to Individuals. Total lending to individuals rose by £1.4 billion in April, in line with the previous six-month average. The twelve-month growth rate was unchanged at 1.0%.
Within total lending, lending secured on dwellings rose by £1.1 billion, in line with the previous six-month average. The three-month annualised and twelve-month growth rates were broadly unchanged at 1.0% and 0.8% respectively.
Gross lending secured on dwellings was £11.5 billion in April, compared to the previous six-month average of £12.4 billion. Repayments in April were £11.3 billion, compared to the previous six-month average of £11.5 billion.
The number of loan approvals for house purchase (51,823) increased in April but was lower than the previous six-month average (53,016). The number of approvals for remortgaging(31,214) also increased in April and was similar to the previous six-month average (31,064). The number of approvals for other purposes was broadly unchanged in April and was slightly lower than the previous six-month average (19,895).
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