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mpc: 3 A7 The stock of M4 had risen by £4.2 billion (0.5%) in October. The twelve-month rate had picked up slightly to 3.0%. M4 lending (excluding securitisations) had grown by £7.6 billion (0.8%) in October, and the twelve-month rate had risen to 7.2%. Robust lending growth had been driven by the continuing strength in lending to households and a rise of some £3 billion in lending to other financial corporations (OFCs) on the month. A8 Households' M4 deposits had risen by £2.2 billion (0.4%) in October. M4 lending to households (excluding securitisations) had remained strong, rising by £4.1 billion (0.8%) in October. The twelve-month rate had picked up to 8.8%, the highest rate since 1991Q3, as net secured lending had continued to grow strongly. Within total lending to individuals, net secured lending had risen by £3.6 billion (0.8%) in October, and the twelve-month growth rate had increased to 7.9%. The value of loan approvals had also been strong (at £10.4 billion). October's net secured lending and loan approvals data, combined with the historically high level of the stock of loan approvals, were consistent with continued housing market strength. Total unsecured lending had also been strong, growing by £1.0 billion (0.9%) in October, but growth had weakened over the past year. According to provisional Bank estimates, mortgage equity withdrawal had risen sharply to £2.4 billion in Q3, leaving `total borrowing for consumption' (defined as mortgage equity withdrawal plus unsecured lending) at its highest level as a percentage of disposable income since 1990. A9 The M4 deposits of private non-financial corporations (PNFCs) had risen by £1.7 billion (1.4%) in October, and the twelve-month rate had risen sharply to 6.9%. M4 lending to PNFCs had grown more slowly, rising by £0.4 billion (0.2%) in October. But PNFCs' total borrowing, including foreign currency borrowing and capital market finance, had remained strong. A10 OFCs' M4 deposits had risen by £0.3 billion (0.2%) in October, although the twelve-month rate had remained very weak at -7.2%, reflecting the sharp rundown earlier in the year. OFCs' M4 borrowing had been much stronger in October, rising by £3.1 billion (1.6%) on a month earlier, and by 6.0% on a year earlier. A11 Short-term nominal forward rates at maturities up to five years had fallen following the 25 basis point rise in the repo rate and the publication of the Inflation Report in November. But market rates had risen again following the release of the MPC minutes, most markedly at