UK banks say ready to lend more after capital requirements cut
[LONDON] Some of Britain's biggest financial institutions said they were ready to lend more after a decision by the Bank of England to cut their capital requirements, according to a joint statement with finance minister George Osborne on Tuesday.
The Bank of England, which is trying to ease the hit to the economy from last month's vote to leave the European Union, said it would lower the amount of capital banks are required to hold in reserve, potentially freeing up an extra 150 billion pounds (S$267 billion) for lending.
"Now the UK's main lenders, meeting with the Chancellor this morning, have agreed to make the extra capital available to support lending to UK businesses and households in this challenging time," the lenders and Mr Osborne said.
Mr Osborne met with the chairmen or directors of Virgin Money, Santander UK, HSBC, Metro Bank, Royal Bank of Scotland, Nationwide Building Society, Barclays and Lloyds Banking Group.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
UK pay settlements edge lower in first quarter: industry survey
Trump jury told how publisher buried negative press
Sunak says UK to raise defence spending amid global threats
China’s central bank hints it may add treasury bond trades to policy toolkit
US business activity cools in April; inflation measures mixed
India’s inflation at risk from extreme weather, geopolitical issues: central bank