Broad money, the sterling deposits and short-term instruments held by households and firms, as a twelve-month growth rate. Twelve-month growth fell below zero in 2011 and 2012 and again in 2023, and stayed positive through the 2009 and 2020 recessions, so the zero line is a worldstat.us construction rather than a tested rule.
Threshold source: worldstat.us construction: broad money below its level of a year earlier. 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.