Mortgage borrowing takes largest monthly leap as economy finds new gear

Mortgage borrowing takes largest monthly leap as economy finds new gear

There is growing evidence the economy is finding a new gear following more than a year of coronavirus disruption, with two readings of activity showing record rates of growth for this century.

First, data from the Bank of England showed the biggest net increase in mortgage lending on record during March - driven by tax breaks including a stamp duty holiday for England and Northern Ireland that was extended at the budget.

A closely-watched reading of health in the manufacturing sector showed growth hit speeds not seen since 1994 in April.