According to Jinshi Data, Capital Economics analyst Ashley Webb said that the rebound of the UK economy may be stronger than expected after a sharp increase in mortgage lending in June.

Data released by the Bank of England on Monday showed that consumer credit and over-the-counter mortgage approvals fell slightly that month, but both consumer loans and mortgages grew.

This is further evidence that pressure on high interest rates is beginning to ease. This may lead the Bank of England to keep interest rates unchanged this week rather than cut them, but the outcome is still hard to predict.