UK mortgage approvals declined in August ahead of the autumn budget and consumer credit remained flat, official data showed Monday.
The number of mortgage approvals, which is an indicator of future borrowing, fell by 500 to 64,700 in August, the Bank of England reported. This was also below the expected level of 65,000.
The actual interest paid on newly drawn mortgages declined for the sixth month in a row. The 'effective rate' hit 4.26 percent in August compared to 4.28 percent in July.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.