The number of mortgages approved by the main high street banks in October was 4.1 per cent lower than last October; although approvals for house purchase were 3.6 per cent higher, remortgage approvals were 13.5 per cent lower and approvals for other secured borrowing were 1.3 per cent lower.

The £11.3bn of credit card spending in October was 12.1 per cent higher than last October. Over the past twelve months, the outstanding level of credit card borrowing grew by 5.7 per cent. Personal borrowing through loans and overdrafts grew by 2.3 per cent in the year to October.

Personal deposits in total grew by 0.8 per cent over the past twelve months. Deposits held in instant access accounts were 2.6 per cent higher than last October.