UK July net consumer credit at record low, mortgage approvals up

Net lending to Britons in July was its weakest since records began in 1993, even as the number of mortgages approved rose to its highest since April 2008, Bank of England figures showed on Tuesday.

The figures suggest that many Britons are choosing to pay down their debt as the economic downturn persists.

Separate figures showed M4 money supply growth accelerated in July to its highest since January, while the BoE's preferred money supply gauge — M4 excluding intermediate other financial corporations — rose by 0.6 percent on the month, according to a new monthly series.

The Bank of England said mortgage approvals numbered 50,123 in July, up from 47,891 in June. Analysts had forecast a reading of 51,000.