From This is Money:
Net lending, which strips out redemptions and repayments, also held firm at £3.1bn, slightly higher than the £2.8bn figure recorded in August.
Both spending and repayments on credit cards were unchanged from the previous month at £5.7bn and £6bn respectively.
David Dooks, BBA statistics director, said: ‘The longer it takes to emerge from recession, the longer we will see households and businesses continue to borrow with caution.
Remortgaging levels also remained subdued during the month, as low interest rates mean many people are better off staying on their lender’s standard variable rate when their existing deal comes to an end.
The low levels of remortgaging meant total mortgage advances also remained depressed during October at £9bn, slightly ahead of the previous month’s figure but still 20% lower than a year ago….