UK Bank lending to private, non-financial companies – the backbone of the UK economy – slumped in September after a brief rise in August and was far weaker than the average level of the previous six months.
New data from the British Bankers Association show that net lending to PNFCs fell by £3.9bn, with a particularly stark drop in loans to commercial real estate. That overall decline contrasts with a rise of £700m in August and an average decline in lending to business of £1.2bn each month over the previous six months.
