UK Consumer Credit and Business Lending Jump up in March

According to recently released numbers, lending to consumers in the United Kingdom increased this past March by its biggest amount before the financial crisis. Borrowing to businesses likewise showed its biggest increase in four years according to the Bank of England.

With less than seven days to go to the British national election, those new numbers may suggest a certain boost in the British economy, despite the less than promising numbers released previously.

The Bank of England likewise sad that the number of mortgage approvals dropped after rising for three straight months.

According to the bank, consumer credit in the nation increased by £1.4 billion in March. This is significantly higher than what was forecast earlier in a different poll by Reuters.

The new numbers show that this is the largest monthly increase in six years. Compared to the same time period in the past year this is the biggest increase in nine years.