RLAM: October UK mortgage approvals

Ian Kernohan, Economist at RLAM, comments on UK mortgage approvals: “Much weaker mortgage approvals data help to bolster the case for a rate cut next week. The MPC wanted the economy to slow; they did not want to see it slide. Weaker data will be one factor weighing on the minds of the MPC, but money markets conditions will also play a role. Markets are still under stress, suggesting that financial conditions are tighter than appropriate.”