Another modest increase in UK mortgage approvals likely

The Money and Credit release should show broad money growth (M4 exIOFCs) proceeding at a healthy pace of close to 4% 3mth p.a, more than enough to support a reasonable pace of activity growth. Net consumer credit growth should rise by another £1.2bn, consistent with a firm trend in retail sales, but mortgage growth is likely to remain far softer. 

"The BBA approvals data showed an extremely modest increase and we expect that to be corroborated in the BoE data with a rise of only 0.6k from 68.8k to 69.4k", notes Societe Generale.