mpc.theyserveforyou.com

mpc: 3 October before the base effects of the rapid rise in banknotes ahead of the millennium date change had been taken into account, which were estimated to have depressed the twelve-month growth rate. The three-month annualised growth rate of notes and coin rose to 10.5% in November from 9.8% in the previous month. Some of this strength had been due to a temporary increase in cash holdings relating to government winter allowance payments. A11 The twelve-month growth rate of M4 had remained strong, although it had fallen from 9.1% in September to 8.7% in October. However, the fall in the twelve-month growth rate of M4 excluding other financial corporations (OFCs) had been more pronounced, from 7.5% to 6.6%. The twelve-month growth of M4 lending excluding securitisations had remained unchanged at 13.2%, while the growth of M4 lending excluding OFCs had fallen slightly to 11.6%. A12 The twelve-month growth rate of households' M4 lending excluding securitisations had fallen slightly to 9.8% in October. On a preliminary estimate, the level of mortgage equity withdrawal had fallen from £3.3 billion in Q2 to £2.4 billion in Q3. Unsecured lending to individuals had risen by £1.5 billion in October. There had been a small net outflow of households' deposits, with the twelve-month growth of households' M4 having fallen from 6.1% to 5.4%. This may have partly been explained by the unwinding of the effect on households' M4 of Scottish Widows windfall payments. A13 The number of loan approvals for new mortgages and particulars delivered had risen during October, but only very moderately, suggesting that housing market activity had been broadly flat. However, the value of loan approvals had risen quite sharply, partly due to increased remortgaging activity. A14 The twelve-month growth rate of private non-financial corporations' (PNFCs) M4 lending excluding securitisations had fallen slightly to 16.4% in October, while the growth rate of PNFCs' M4 fell to 11.5%. Net recourse by corporates to the banking sector had picked up in Q3. This was associated with a pick-up in the stock-output ratio in Q3. Both OFCs' M4 and M4 lending had been strong, though much of this had represented short-term distortions. A15 Short-term nominal interest rates had fallen significantly since the Committee's previous meeting, continuing a downward trend in near-term expectations that had begun after the last repo