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Loan claim: Lending set to increase

Banks are predicted to loosen their pockets somewhat and help with the first increase in business lending in four years.

The Ernst & Young Item Club suspects that banks will increase lending to companies by around three per cent to £440 billion. Then in 2014 it suspects lending will increase by 8.5 per cent to £477 billion.

This is after business lending fell by five per cent in 2012 to £427 billion.

Increasing lending to business is good news for the economy as smaller firms have often been held up by access to finance.

Ernst & Young says the Bank of England's Funding for Lending Scheme (FLS) will be one of the main driving factors for business lending in the UK.

This is in spite of the fact that so far FLS has failed to stimulate much lending to businesses.

However, it has aided in providing cheaper mortgages for first time buyers.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801578472-ADNFCR

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