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Loan claim: Lending has fallen says BoE

A new report from the Bank of England (BoE) showed that lending fell in the first quarter of 2013.

Its Trends in Lending report showed that mortgage approvals and the stock of business loans contracted in the first three months of the year.

BoE had previously hoped to stimulate lending with its Funding for Lending Scheme (FLS), where it invested in major banks to get them to lend to small businesses and to homeowners.

Yet the results from BoE show that this has not yet produced the results it hoped for.

In its most recent Financial Policy Meeting, BoE said that it could be helpful for the economy to extend FLS.

This echoed chancellor George Osborne’s suggestion that he would see FLS extended if it was considered to be necessary.

He has also put forward a separate plan to aid people with mortgages in his Help to Buy Scheme. This will see the government acting as guarantor for some mortgages and interest free mortgages granted for up to 20 per cent of the equity of certain kinds of new property.ADNFCR-2776-ID-801574123-ADNFCR

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