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UK Mortgage Approvals Highest In More Than 6 Years

UK mortgage approvals increased to a more than six-year high in February, data from the Bank of England showed Monday.

The number of mortgages approvals rose to 73,546 in February from 71,344 in January. This was the highest level since January 2014.

Consumer credit fell to GBP 0.9 billion in February, slightly below the GBP 1.1 billion average seen since July 2018.

In February, UK businesses borrowed GBP 1.3 billion from banks and financial markets. This was the strongest for five months.

In net terms, UK businesses borrowed no extra funds from banks in February, and the annual growth rate of bank lending to UK businesses remained at 0.8 percent.

The broad measure of money supply, M4 grew 4.4 percent annually, slightly faster than the 4.3 percent increase logged in January.

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