020 7898 0500Figures released from BoE yesterday showed that UK consumers are still borrowing using their credit cards. From £69 billion in August, the UK public now own £69.4 billion on their credit cards in what many will see as a result of inflation outpacing wage growth. In addition, mortgage approvals slipped by 1,000 last month to 66,232.
Meanwhile, the Institute for Fiscal Studies has calculated that the UK’s deficit will be £36 billion by the 2021-22 fiscal year. That is rather alarming, not least because earlier this year it was forecast to be £17 billion. This should heap pressure on Chancellor Philip Hammond as he prepares his next budget and any planned tax cuts or increases to public spending will likely be shelved.
Looking ahead to today, we have consumer confidence and tomorrow sees the release of the Markit manufacturing purchasing managers’ index. The highlight comes on Thursday, when BoE will announce their interest rate decision.
