the number of mortgages approved hit a new low in April. The Bank of England figures for mortgage lending and consumer credit show that only 45,166 new mortgages were approved, the lowest April figure since Bank of England began records in 1992.
It would appear Britain is paying down debts built up over the last decade. The figures show a net repayment of consumer borrowing.
Many city experts fear that the weak lending figures could signal that the recovery will be slower than hoped for, whilst others say this is good as it shows the addiction to debt is coming under control.