LONDON Jan 5 Bank of England Chief Economist
Andy Haldane said on Thursday that the central bank was right to
keep an eye on a strong increase in consumer lending but that
there were reasons to believe that the pickup was not a major
Haldane also said the BoE's current neutral stance towards
monetary policy felt like the right way of balancing the
trade-off between rising inflation and supporting economic
BoE data earlier this week showed lending to consumers
expanded in November by the largest amount in more than 11
"You'll have seen and read from our Financial Policy
Committee that this is something that they're keeping a close
... eye on. And they are right so to do," Haldane said at an
event in London hosted by the Institute for Government.
"Nonetheless, we need to put all this in a bit of context.
Aggregate borrowing by households isn't tearing away right now.
We've gone through a long period where borrowing, both by
companies and households, has actually been rather subdued."
(Reporting by David Milliken and Ritvik Carvalho; writing by
Andy Bruce; editing by William Schomberg)