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Bank Loan: Banks will not return to reckless lending, says expert

UK banks will not return to the reckless lending which was prevalent before the recession, according to an expert.

Earlier this week, UK charities Citizens Advice and Shelter wrote a joint letter to housing minister Grant Shapp urging the government to stamp out reckless lending for good and introduce new regulations to prevent this from happening.

Alan Clarke, UK economist at BNP Paribas, dismissed the organisation's claims that risky lending has returned.

He said: "I don't think there is any danger of reckless lending over the next couple of years. In fact I think it will be the opposite; that there will be too little.

"You have got Bank of England policy rates at a record low of almost zero. Mortgage providers don't want to lend."

Mr Clarke added that the expiration of the Bank of England's liquidity scheme in 2012 will force lenders to further restrict lending.

Posted by Amir Hussain

Amir specialises in personal loans, consumer debt and debt management ADNFCR-2776-ID-800258908-ADNFCR

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