Current Bank Borrowing Reflects “pre-financial crisis levels”

Current Bank Borrowing Reflects “pre-financial crisis levels”

New lending to small businesses in the UK remained stable in January and February, according to the British Bankers Association (BBA). However, loan levels remained “below the corresponding months in 2010, but in line with the Bank of England’s Credit Conditions Survey, which found that credit demand from small businesses had fallen sharply in the first quarter,” said BBA statistics director, David Dooks. As the leading trade association for the UK banking and financial services sector, the BBA said that the current level of total borrowing (£49.8 billion), reflects a return to “pre-financial crisis levels in 2008”, as businesses have “paid down debt and built up reserves as a business response following the financial crisis”. John Walker, national chairman of the Federation of Small... »