04/01/13

  • Lending to firms falls by £2.8bn in November 2012, the largest monthly decline since February 2012
  • Net lending to business contracted by £17.1bn in the year to November 2012

Commenting on the latest lending data published today by the Bank of England, Dr Adam Marshall, Director of Policy at the British Chambers of Commerce (BCC), said:

"The latest figures reveal that lending to UK businesses has declined at the fastest rate for almost a year. Although these figures partly reflect the continued uncertainty in the outlook for the UK economy, they also confirm that businesses are still unable to secure credit, particularly young, fast-growing SMEs.

“Businesses want to grow but continue to struggle to gain the finance they need. The government should therefore turn their rhetoric on the Business Bank into reality, to help viable and fast-growing companies get access to capital.”

Ends

Notes to editors:

Bank of England lending data: http://www.bankofengland.co.uk/publications/Pages/other/monetary/trendsinlending.aspx

The British Chambers of Commerce (BCC) sits at the heart of a powerful nationwide network of 51 Accredited Chambers of Commerce, serving over 104,000 businesses across the UK, which employ over five million people. For more information visit: www.britishchambers.org.uk

Media contacts

Lisa Morrison

T: +44 [0]20 7654 5812
M: +44 [0]7717682221 
l.morrison@britishchambers.org.uk

Allan Williams

T: +44 [0]20 7654 5813
M: +44 [0]7825 746812
a.williams@britishchambers.org.uk