UK scheme to get banks to lend more fails as lending falls

A scheme in the UK aimed at boosting credit to households and businesses has so far failed to get banks and building societies to lend more, figures showed today.

The Bank of England said net lending in the quarter to December 31 fell by £2.4bn (€2.77bn) on the previous quarter, despite participants of the Bank of England’s Funding for Lending (FLS) scheme drawing down another £9.5bn (€10.9bn) over the period.