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UK Corporate Lending Likely To Fall To Six-Year Low: ITEM Club

Oct 29 2012
By
Forexbrokerz.com

Lending to U.K. corporate firms will likely fall for the fourth year in a row, and hit a six-year low this year, implying that the government's measures to boost lending has had little impact, Earnest and Young's ITEM Club said in a report Monday.

The agency in its autumn forecast for financial services said that lending to corporates is set to decline 4.6 percent from last year to a six-year low of GBP429 billion in 2012, marking the fourth consecutive contraction.

There was little evidence yet that the government's Funding for Lending Scheme, introduced in July, has helped to lower the cost of residential mortgage, the report noted.

It said that though the latest decline in corporate lending will be slower than the last year's 6.1 percent corporate lending is unlikely to return to the pre-crisis levels until at least 2016, and warned that the going will continue to be tough for SMEs as far as access to finance is concerned.

ITEM Club, however, forecasts that banks' income and assets would stabilize in 2013, indicating a slightly brighter future for financial services firms.

The material has been provided by Instaforex Company - instaforex.com
TAGS: UK  Corporate  Lending  Likely  To  Fall  To  Six-Year  Low:  ITEM  Club   

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