Key data highlights:
- Lending to manufacturers grew by 5.1 per cent in the last 12 months, in contrast to a wider 2.5 per cent contraction overall in UK business borrowing.
- UK business deposits grew by 3.1 per cent in the last 12 months with total deposits for non-financial companies 5.2 per cent higher compared to May 2017.
Commenting on the data, Stephen Pegge, Managing Director, Commercial Finance at UK Finance said:
“There has been steady growth in lending to manufacturing, with the finance industry continuing to support investment in this important sector of the economy.
“However overall appetite for finance amongst UK businesses remains low, as ongoing economic uncertainty weighs on long-term investment decisions. “Growth in deposits has also slowed amid less buoyant business conditions, as many firms’ margins are squeezed by rising input costs.”
Notes to Editors
- For more information please call the UK Finance Press Office on 020 7416 6750 or e-mail firstname.lastname@example.org.
- UK Finance is the trade association formed on 1 July 2017 to represent the finance and banking industry operating in the UK. It represents around 300 firms in the UK providing credit, banking, markets and payment-related services. The organisation brings together most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association.
- Data in this update reflect lending and deposit activity conducted by UK large, medium and small businesses with the main high street banks. This coverage reflects around three-quarters of UK business finance provided by all banks and building societies.