BoE: Lending falls
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Money News |
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BoE: Lending falls
Tue 3rd Mar 2009
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Research from the central bank showed lending to individuals reached £1.1 billion in January this year, which represented a smaller rise than in December 2008.
The figures will come as a blow to the government, which had hoped to stimulate more lending in the mortgage market after unveiling a package of measures designed to increase confidence among banks and make them more willing to lend money.
Overall, there was little increase in the number of loans approved for houses, at 31,000, while there were 33,000 loans approved for other purposes during January.
The government has taken large stakes in a number of banks in recent months in an effort to keep them operational.
Royal Bank of Scotland and HBOS both required large bailouts from taxpayers' money at the end of last year to prevent them from collapsing, but the central bank's figures suggest sufficient confidence has not yet returned to the market to see a significant rise in lending.
Click here for more banking news
Related News : Banking |
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