People walk during the morning rush hour in Canary Wharf, London, UK, on October 15, 2020, during an epidemic of the coronavirus disease (COVID-19). Hannah McKay/Hannah McKay/Hannah McKay/Hannah McKay (Reuters) – LONDON, June 29 (Reuters) – According to Bank of England data, consumer borrowing increased in May for the first time since August last year, indicating that the economy is picking up steam after coronavirus restrictions were relaxed last month. Unsecured lending increased by a net 280 million pounds ($387.66 million) in April as customers took out more personal loans and bought automobiles with dealership finance packages. According to a Reuters poll of economists, the economy grew by just under 250 million pounds in May, after falling in each of the previous eight months as consumers stayed at home and cut back on spending. The Bank of England statistics also revealed that net mortgage lending increased faster than forecast in a Reuters poll, climbing by 6.6 billion pounds in May from April as homebuyers rushed to take advantage of finance minister Rishi Sunak’s extended tax cut. Earlier on Tuesday, figures from mortgage company Nationwide revealed that property prices in the United Kingdom increased by the most in annual terms in almost 16 years in June. find out more Mortgage approvals for home purchases were 87,500 in May, up marginally from 86,900 in April and well below the recent high of 103,200 in November 2020, according to the Bank of England. (1 pound = 0.7223 pound) William Schomberg and Andy Bruce contributed reporting. The Thomson Reuters Trust Principles are our standards. Continue reading
