UK small business lending picks up in Q1 under BoE scheme
[LONDON] Lending to small businesses by banks in Britain taking part in the Bank of England's Funding for Lending Scheme (FLS) increased by 635 million pounds (S$1.3 billion) in the first quarter of this year, the BoE said on Thursday.
The FLS was launched in mid-2012 to provide cheap money to banks on condition that they lend to British businesses and households. It was amended at the start of 2014 to focus on small business lending.
The first quarter increase reversed an 800 million pound drop in lending by FLS participants in the previous quarter.
Most of the increase in the first quarter was by Lloyds Banking Group, where lending under the scheme rose by 409 million pounds.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Sri Lanka’s economy expected to grow 3% in 2024, central bank says
Yellen says US can bring inflation down without hurting jobs
US dollar briefly falls versus yen after GDP data
US weekly jobless claims unexpectedly fall
US economic growth slows more than expected in Q1
Malaysia ex-PM Mahathir facing anti-graft probe in a case involving his sons