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Further credit rationing to come: UK lenders

Staff Reporter 1 minute read

British lenders tightened lending further in the last quarter of 2008, a survey released on Friday has revealed.

According to the Bank of England’s Q4 Credit Conditions Survey, a net balance of lenders, surveyed between 24 November and 15 December, reduced their availability of secured loans to households.

The result of this tightening was a larger than expected decline in loan approval rates and lower maximum loan-to-value ratios.

These results coincide with reports from the BBC that finance minister Alistair Darling is working on new measures to bolster the country’s financial sector, including a possible gathering of banks’ toxic assets into one entity.

Further declines in credit availability are also expected in the next three months, the survey found.

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Further credit rationing to come: UK lenders
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