Lending to British consumers rose last month by less than expected and the number of mortgages approved by British lenders eased back, according to Bank of England data on Monday that point to tougher times ahead for Britain's economy, Reuters reported. The BoE said that net unsecured consumer credit rose by 745 million pounds ($861 million) in September, the smallest monthly increase since December 2021, following a 1.215 billion pound increase in August. A Reuters poll of economists had pointed to net lending of just under 1 billion pounds.

Britain, rattled by the recent near meltdown of some pension funds, is pressing ahead to tighten oversight of the so-called shadow banking sector, taking the lead ahead of possible co-ordinated international action, Reuters reported. U.K. regulators could preempt recommendations by the G20's Financial Stability Board (FSB) to require permanently higher liquidity buffers for Liability Driven Investment (LDI) funds - used by UK defined benefit pension schemes - backed by regular stress tests, two sources said.

International Monetary Fund and Serbian authorities have reached an agreement for 2.4 billion euro ($2.37 billion) loan deal over the next two years, the lender said in a statement on Wednesday, Reuters reported. "This arrangement would help address emerging external and fiscal financing needs given the challenging global economic environment and support the authorities’ macroeconomic policies and structural reform efforts, with a focus on the energy sector," the IMF said in the statement.

Germany's slowing economy means the government can borrow almost 36 billion euros next year, almost twice as much as expected, the Finance Ministry said, Reuters reported. In a letter to a legislator, first reported by newspaper Bild, the ministry said that provisions in Germany's constitutional debt brake aimed at balancing a cap on borrowing across the economic cycle meant the previously expected cap of 17.2 billion euros could now be exceeded. "This shows that the debt rule contains sufficient flexibility to remain effective even in crises," the letter read.

The German government said Wednesday that it plans to make plastic manufacturers contribute to the cost of cleaning up litter in streets and parks, the Associated Press reported. The Cabinet agreed on a bill that makers of products containing single-use plastic will need to pay into a central fund managed by the government, starting in 2025. The fund is estimated to collect about 450 million euros ($446 million) in the first year, based on the companies’ past production of single-use plastic. Affected items include cigarette filters, drink containers and packaging for takeout food.

Bankruptcies for Swedish companies rose to their highest level since the start of the pandemic as prices are soaring and the country’s central bank is raising borrowing costs to quell inflation, Bloomberg News reported. In September, 635 companies in the largest Nordic nation went bankrupt -- the highest level since May 2020 --increasing by 38% from a year earlier, according to data from credit reference agency UC. The data adds to the gloomy picture for the Swedish economy that’s seen contracting the most in the Nordic region next year.

Made.com Group Plc plans to file for insolvency after the British online furniture store failed to find a rescue buyer and ran out of cash, Bloomberg News reported. The company said Tuesday it intends to appoint PwC as administrator putting potentially as many as 500 jobs at risk. Shares of Made.com have been suspended from trading on the London Stock Exchange. News of Made.com’s collapse marks a steep decline for a company which only listed last year with a valuation of £775 million ($893 million) and was hailed as a millennial favorite.

The Bank of England on Tuesday is set to become the first major central bank to sell off assets accumulated during a 13-year-old stimulus program, providing a test case for how quickly markets can shift away from easy-money policies, Bloomberg News reported. The UK central bank, which was buying gilts as recently as a few weeks ago to soothe market stress, plans an auction of the first £750 million in short-maturity securities it wants to unload. Results of the operation are due about 3 p.m. in London.

Inflation hit a new record in the 19 countries that use the euro currency, fueled by out-of-control prices for natural gas and electricity due to Russia’s war in Ukraine. Economic growth also slowed ahead of what economists fear is a looming recession, largely as a result of those higher prices sapping Europeans’ ability to spend, the Associated Press reported. Annual inflation reached 10.7% in October, the European Union’s statistics agency, Eurostat, reported Monday. That is up from 9.9% in September and the highest since statistics began to be compiled for the eurozone in 1997.

European Central Bank President Christine Lagarde said the peak of the current cycle of interest-rate increases must ensure that inflation returns to the 2% target over the medium term, Bloomberg News reported. Without specifying a level for the so-called terminal rate, Lagarde said borrowing costs have further to rise following last week’s second straight 75 basis-point hike. “The destination is clear, and we haven’t reached it yet,” she told the Latvian website Delfi Bizness in an interview published Tuesday.