Bank of England data show large UK firms borrowed £8.2bn from banks in September, more than double August, while mortgage approvals for house purchase fell to 53,400, the lowest since December 2023. The 5 November rate decision sits between the two.
The OBR’s Budget-day debt path stays elevated after a 95% of GDP peak in 2028-29, even as Healey said the stability rule is met with £15bn of headroom. Source
The UK economy is splitting in two, going by the Bank of England's (BoE) Money and Credit release for September, published Thursday. Large companies drew £8.2bn from banks in the month, up from £3.7bn in August. Net mortgage approvals for house purchase fell to 53,400, the lowest since December 2023 on the unrounded 53,443 figure. That is the backdrop to the 5 November Monetary Policy Committee (MPC) decision, and it sits awkwardly with the calm reaction to Wednesday's Budget.
