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  • The British Bankers Association reported that net mortgage lending grew by 0.4% in the year to October, David Dooks statistics director said, "October saw the banks lend £7.5bn of new mortgages and approve the future draw-down of a further £8.2bn, whilst households also took £1bn of new personal loans and used the extended credit on cards to fund spending of £7.1bn. However, repayment levels are high enough to offset gross lending and generate subdued net lending data, not only in the household sector, but also in the business sector where large companies are using capital market funding.”
  • The Right Move house price index showed that house prices fell 2.6% in November from October, the least severe fall in November for three years.

UK Economy

  • Public sector net borrowing was £8.6 billion in October 2012; this is £2.7 billion higher net borrowing than in October 2011, when net borrowing was £5.9 billion. Public sector current budget deficit was £6.7 billion in October 2012; this is a £2.3 billion higher deficit than in October 2011, when there was a deficit of £4.4 billion, reported the Treasury in the latest government finances release.
  • The latest CBI Industrial Trends survey showed that UK manufacturers expect to reduce their output over the next three months while overall orders are relatively flat. Only 19% of respondents expect to increase their volume of output over the next three months and 28% expect their volume of output to decrease. The resulting next balance of -9% marks the lowest prediction this year for output from the Industrial Trends survey.

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