Broad money, the sterling deposits and short-term instruments held by households and firms, as a twelve-month growth rate. M4 shrank outright in 2023 for the first time in the series' history.

Threshold source: Shrinking broad money has accompanied every UK contraction since the series began. How thresholds are chosen

Money growth reflects bank lending, quantitative easing and asset sales together, so the reason for a move is not visible in the number.