Bank's £200bn economic aid 'taking effect'

The Bank's preferred measure of bank and building society deposits and cash in the economy rose 0.9 per cent – or 14.3bn – in November after declining in the two previous months.

Lending grew 1.1 per cent, representing a 23.3bn increase after a 13.2bn fall in October.

The figures will be of some comfort to the Bank's Monetary Policy Committee (MPC) after the minutes of its December meeting described growth in the money supply as "disappointing".

Experts were encouraged by the data but warned over reading too much into often-volatile monthly figures.

Colin Ellis at Daiwa Capital Markets Europe said: "It remains to be seen whether they mark the start of a sustained improvement in broad money and credit."

He added that November's lending was still below levels seen in March.