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Article: Rates rise likely as mortgage lending soars GBP 9.8bn

Article from:
The Scotsman
Article date:
June 3, 2004
Author:
Copyright

ANOTHER month, another record increase in mortgage borrowing, the Bank of England declared yesterday - raising fresh talk of a hike in interest rates next week.

Secured lending in April rocketed by an unprecedented GBP 9.8 billion, according to the Bank's official estimates. The increase smashed the City's bullish expectations of a GBP 9.6bn rise, up from GBP 9.2bn in March.

Credit card and other unsecured lending jumped GBP 1.33bn, leaving the country with a total of GBP 11.1bn in extra debts. Economists calculate that consumers are borrowing GBP 1 million every four minutes.

Although the BoE stuck a quarter point on interest rates in early May, shortly after the latest borrowing numbers ...

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