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Net lending to U.K. businesses weakened in December, data released by the Bank of England showed Thursday.
Official data covering lending by all U.K.-resident banks and building societies indicated that lending to businesses contracted by GBP 4.3 billion in December after an increase of GBP 0.1 billion in November. As a result, the twelve-month growth rate of the stock of loans fell to a new low since the monthly series began in 1999. The central bank said the major U.K. lenders reported that their net lending flows remained weak in January.
The flow of net sterling mortgage lending by all U.K.-resident mortgage lenders slowed to GBP 1.2 billion in December from GBP 1.6 billion in November. According to data from the major U.K. lenders, gross lending and mortgage approvals for house purchase fell in January, the BoE said.
The central bank noted that the increase in gross mortgage lending for house purchase by the major U.K. lenders in 2009 reflected in a recovery in approvals for house purchase. But, approvals for house purchase edged down in December and were reported by the major U.K. lenders to have fallen sharply in January.
Further, the central bank said total net consumer credit flows turned slightly positive in December following five consecutive months of negative flows. It rose GBP 0.1 billion, reversing a decline of GBP 0.4 billion in November. The twelve-month growth rate in the stock of lending remained at minus 0.5%, its lowest level since the series began in 1994. Major U.K. banks expect a fall in net consumer credit flows in January, partly reflecting adverse weather conditions, the BoE said.
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