Increase in lending noted by Bank of England

Monday, March 1st 2010

The Bank of England has revealed lending figures stating that there has been a rise in the amount of money borrowed.

According to the report, a £2 billion rise in total net lending was seen in January from the previous month.

On an annual level, the twelve month growth rate was up 0.8 per cent, with a three month annualised rate of 1.3 per cent.

The way such loans were used varied, and money spent on house purchase was down from December.

The Bank discovered that approvals for remortgaging and other purposes were also lower than the previous month.

But consumer credit increased by £0.5 billion and credit card lending went up by £0.2 billion.

Also released today (March 1st) was the organisation's analysis of bank and building society deposits from and lending to UK residents.

Changes in how securitised loans were reported led to an increase in outstanding amounts in January, it was noted.