Record borrowing threat to rate cut

The Bank of England's latest figures on lending to individuals throw doubt on hopes for another interest rate cut at the Monetary Policy Committee's next meeting in a week's time. Total lending to individuals grew by £10bn in June as the result of a £7.8bn increase in secured lending and a £2.2bn increase in consumer credit. The value of all secured loans hit £24.6bn as the number of loans approved for house purchases surged to 125,000 from an average of 96,000 per month in the three months to May. The growth in consumer credit took gross advances to £17.4bn, and the an...