While the 12-month growth rate for broad money overall has been at around the current level since November 2016, the growth in households' money has continued to weaken and private non-financial corporations' (PNFCs') has strengthened. In May, households' money fell by £0.1 billion, this being the weakest flow since January 2015.

In contrast, M4 flows for PNFCs and non-intermediate other financial corporations (NIOFCs) were higher than their recent averages.

Sterling lending to the UK private sector excluding intermediate other financial corporations increased by £11.0 billion in May. Net lending flows to all sectors were higher than last month.