Recovery being hindered by lack of credit

Tight credit conditions and a rise in the cost of borrowing are likely to weaken the UK’s recovery according to Britain’s manufacturers. This is the result of a survey just conducted by the EEF, the manufacturers’ organisation. It is particularly surprising given the historically low level of the Bank of England’s base rate at 0.5% and the efforts the Bank … Continue reading

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The economy is either getting better or getting worse

In my blog yesterday I listed some of the positive signs that the economy was showing in terms of house prices, house building and the service sector. Then later in the day the Monetary Policy Committee (MPC) announced that the UK recession “appears to have been deeper than previously thought.”   Not only that, but the MPC thought it necessary … Continue reading

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Lending growth virtually grinds to a halt

The increase in total net lending to individuals in May was £0.6 billion, which was lower than both the April increase of £1.1bn and the six month average of £1.3bn. The twelve-month growth rate also continued to fall. It was 2.6% in February, 2.1% in March, 1.7% in April and only 1.4% in May. These figures were published yesterday by … Continue reading

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