The number of mortgages approved by the main high street banks in November was 10.6 per cent lower than November 2017; approvals for house purchase were 1.2 per cent lower, remortgage approvals were 20.3 per cent lower, and approvals for other secured borrowing were 12.2 per cent lower.

The £11.3bn of credit card spending in November was 7.5 per cent higher than November 2017. Over the past twelve months, the outstanding level of credit card borrowing grew by 5.3 per cent. Personal borrowing through loans and overdrafts grew by 2.5 per cent in the year to November.

Personal deposits in total grew by 0.7 per cent over the past twelve months. Deposits held in instant access accounts were 3.1 per cent higher than last November.