Key data highlights:
- Overall lending to non-financial UK companies remained subdued, with a 1.7 per cent contraction over the last twelve months. However, some sectors continue to show growth, with manufacturers growing by seven per cent over the year.
- Deposits held by non-financial UK companies grew by 1.6 per cent over the last twelve months, with growth in transport, recreational services and electricity, gas and water utilities.
Commenting on the data, Stephen Pegge, Managing Director, Commercial Finance at UK Finance said:
“As we approach year end, overall lending to businesses has remained subdued in this period of economic uncertainty, with a slight contraction from last November. However, lending to manufacturing, transport and service industries have all seen strong annual increases.
“Business deposits have continued to grow, with transport and personal services in particular showing a large increase, further indicating a cautious approach by businesses to trading conditions.”
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 collective voice for the banking and finance industry. Representing more than 250 firms across the industry we help drive forward positive change to enhance standards, support customers and promote innovation.
- 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.