The twin messages from the Bank of England’s new credit conditions survey on Wednesday could hardly have been more stark. “Don’t panic” if you are a credit-worthy household wanting a new mortgage, but “watch out” if you are a company wanting to borrow.

The survey of lenders, conducted between August 20 and September 13, is the Bank’s attempt to assess how lending will evolve in the months and years to come. It hopes to gain insights into likely demand in the economy and the money supply, both vital for predicting inflation.