Investing.com - Net lending to individuals in the U.K. rose more than expected in March, official data showed on Thursday.
In a report, the Bank of England said total net lending to individuals increased by ₤2.9 billion in March, compared to forecasts for net lending of ₤2.5 billion and up from ₤2.1 billion in February.
Net secured lending rose by ₤1.8 billion, above expectations for an increase of ₤1.7 billion, after rising by ₤1.6 billion in February.
Net consumer credit, including personal loans, overdrafts, and credit card lending, increased by ₤1.1 billion, compared to 0.6 billion in the previous month.
Meanwhile, the M4 Money Supply decreased 2.3% in March, following a 0.7% rise in February. Analysts expected a 0.9% increase.
The report also showed that the number of final mortgage approvals fell to 67,000 in March from 70,000 in February. Economists had expected mortgage approvals to rise to 71,000.
Following the release of the data, the pound added to gains against the U.S. dollar, with GBP/USD rising 0.2% to trade at 1.6906, compared to 1.6888 ahead of the data.
Meanwhile, London’s FTSE 100 was up 0.4%.