BoE housing Equity withdrawal for the first quarter came in at -8.1 billion pounds compared with -8.0 billion pounds prior which was revised to -7.8 billion pounds and -9.0 billion pounds expected.
Britons are paying back debt more than they borrow as a result of the economic downturn that resulted in a slowdown in borrowing by people on the one hand and lending by banks on the other, dragging the indicator to its best record since 1970.
In the first quarter of the current year, the economy contracted the most in 5 decades and unemployment rose, whereas housing prices slipped 20%, therefore undermining borrowing by consumers.