U.K. consumer credit growth seems to have stayed robust in July

The U.K. consumer so far appears to have shrugged off the Brexit vote news. This might be probably because majority of voters voted for it, said Societe Generale in a research report. This is seen in the growth of retail sales that remained strong in July and part of that is financed by consumer credit.

Consumer credit growth is expected to have remained robust in July, while mortgage approvals are likely to have been more subdued. According to Societe Generale, net consumer credit is expected to have remained in the range of the previous six months, declining just slightly to GBP 1.6 billion in July from June’s GBP 1.8 billion.

On the contrary, mortgage approvals are likely to have stayed weak, declining to GBP 61.1k from GBP 64.8k, continuing the fall that began in January, added Societe Generale.