UK business lending down £4.8bn

UK business lending slid by £4.8bn (€5.4bn) in October and loan growth fell to a record low, the Bank of England said today.

Its Trends In Lending report said the level of loans to firms was 7.6% below last year during October – the worst since its records began in 1999 and the ninth successive month of year-on-year decline.

The gloom comes despite record low interest rates and £200bn (€225.4bn) efforts to boost the money supply through quantitative easing, although firms are also clearing debts built before the recession.

Net lending remained “subdued” in November, the bank added.

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