Monday, July 30, 2012
Deleverage Deleverage Deleverage!
Mortgage approvals and lending slumped in June, Bank of England data showed, reflecting broader economic weakness due to extra public holidays and wet weather. Net mortgage lending -Â£355m, mortgage approvals -5k down on forecasts, M4 -1.6% in June and -5.6% for the year (despite QE). BOE expected to leave rates and QE on hold this week(!)