The Bank of England's monthly money and credit report, published on Wednesday, also found that the amount of money borrowed by consumers fell to £1.2bn in July,Households deposited an additional £0.4bn with banks and building societies in the same month - down sharply on £3.8bn in June. That appears to suggest individuals' finances are becoming more stretched, commentators said.
Meanwhile, net borrowing of mortgage debt increased for the third consecutive month to £0.2bn in July, while approvals for remortgaging increased slightly from 39,100 to 39,300 during the same period. The average two-year fixed residential mortgage rate is currently 6.72%, while the five-year rate is 6.21%, according to Moneyfacts.Read more from business:
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