Lending to businesses edges higher
21 January 2010
Steven Jackson (about the author)
The flow of lending to businesses rose in November for the first time since January 2009, Bank of England data showed on Thursday, indicating credit conditions may be starting to stabilise.
However, in percentage terms, lending was down 7.6 percent on the year, matching October’s reading which was the biggest annual fall since records began in 1999.
Moreover, data from the major UK lenders indicated that net lending weakened in December.
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“The flow of net lending to UK businesses rose in November, though remained subdued,” the BoE’s Trends in Lending survey said.
“Some business contacts reported a marginal improvement in the availability of credit during the second half of 2009, with conditions reported to have eased more for larger companies than their smaller counterparts.”
Policymakers remain concerned that small companies, which cannot raise funds in capital markets, are still finding it hard to get funding.
The flow of net mortgage lending rose in November but remained well below the average flow for 2008. Gross lending for house purchase increased in December, in part because some homebuyers brought forward purchases before the end of stamp duty relief, the survey said
Source: Reuters 
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