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Sterling set for 4th month of losses

British consumer credit expanded at the weakest pace in more than a year during July, reflecting the squeeze on household finances this year, Bank of England data showed this morning.

Annual growth in consumer credit slowed to 9.8 percent from 10.0 percent in July, the weakest increase since April 2016, the BoE said.

Britain’s economy has had its slowest start to the year since 2012, as consumers have come under pressure from a big rise in inflation since sterling fell after last year’s Brexit vote.

The BoE said lenders approved 68,689 mortgages in July compared with 65,318 in June, topping all forecasts in a poll of economists that pointed to 65,500 approvals.

Sterling nursed losses yesterday after falling to an 11-month low against the euro in the previous session as investors remained sidelined with little interest in trading the currency amid ongoing Brexit negotiations.

The British pound has fallen more than 3 percent so far this month against the euro and is set for its fourth consecutive month of losses.

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