The latest lending figures from the Bank of England suggest the Monetary Policy Committee will simply be discussing the size of the interest rate rise rather than whether to impose one at all when it meets later this week.
More than 127,000 loans were approved for house purchases in March, a number higher than all but the last four months of 2003, and unchanged on February’s figures this year. Secured lending to individuals grew by 1.2%, or £9.3bn through the month, taking the annualised growth rate in such lending to 15.2%. Consumer credit lending increased by 1%, or £1.7bn, increasing total lending to individuals by 1.1%, or £11bn. The MPC is widely expected to increase the base rate by 25 basis points to 4.25% by Thursday, the third such increase since November last year. IFAonline
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