Mortgages and Business Lending Fell In The UK In June

Data from the British Bankers’ Association shows that house purchase approvals in June were 11 percent lower than the same month of 2015. Gross mortgage borrowing in the first half of 2016 was £79.9 billion compared with £63.6 billion for the same period of 2015. Borrowing by businesses in the non-financial sector decreased in June by £526 million and business raised £1.9 billion less from capital markets — the first drop in lending in 2016. Rebecca Harding, BBA chief economist, said the data reflects the uncertainty that was felt ahead of the EU referendum but that the results ‘are not a verdict on the health of the economy post-Brexit.’” We’ll see if she’s right soon enough.