The August manufacturing PMI report unexpectedly tipped back into negative territory and mortgage approvals rose to a 15-month high; but the real stand out was the credit figures. According to the BoE’s statistics, consumers made a net 217 billion pound repayment on credit – the biggest on records going back to 1993. From a long-term economic perspective, this is a balance sheet improvement; but through the short-term, reviving growth will likely fall on the shoulders of consumers who have fewer jobs and smaller incomes.
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