Credit boost scheme fails so far
A SCHEME aimed at boosting credit to households and businesses has so far failed to get banks and building societies to lend more, figures showed yesterday.
The Bank of England said net lending in the quarter to December 31 fell by £2.4 billion on the previous quarter, despite participants of the Bank of England's Funding for Lending (FLS) scheme drawing down another £9.5 billion over the period.
The Bank said it expected credit conditions to improve over the course of the year and pointed out that net lending increased £3.1 billion in January.
Barclays has tapped the scheme for £6 billion since June and lent almost all of it, while Santander reduced lending by £6.3 billion in the last six months despite drawing down £1 billion.
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