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Lending to individuals falls by £500m

The Bank of England has reported a fall in net lending in October from both September and the six-month average.

The increase in total net lending to individuals in October was £1.3bn – £500m lower than the September increase and £2.3bn less than the previous six-month average.

The twelve-month growth rate slowed further to 4.7% and the three-month annualised growth rate fell by 0.8% to 1.2%.

Loans approved for house purchase also fell in October
to 32,000 from 33,000 in September while the number of approvals for remortgaging rose to 72,000 from 71,000 the month before.


3-month LIBOR falls to 3.37%

In the wake of the 1% base rate fall yesterday, 3-month LIBOR has fallen today by 0.34% to 3.37%.

Base rate drops to 2%

The Bank of England has slashed the base rate to 2% a level not since 1939.The last cut, an emergency 1.5%, was intended to stimulate spending and stave off recession.Adrian Coles, director-general of the Building Societies Association, says: “Homeowners will welcome the MPC’s decision to cut the Bank Rate by 100 basis points to 2%. […]

Ideas for the PM’s Christmas stocking

Last summer David Cameron issued his MPs with a reading list so they would be on message for the autumn. So we thought it might be fun to put together some seasonal reading for the Prime Minister, bearing in mind his penchant for self-improvement.


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