Bank lending slows in March - BoE

Net lending to individuals increased by just £0.9bn in March, lower than both February's increase and the six-month average, according to Bank of England figures.

This was also the case with the increase in net lending secured on dwellings (£0.8bn), which also fell below the jumps of the preceding month and the six-month average.

The 12-month growth rate fell further, by 0.4% to 2%, while the three-month annualised growth rate fell by 0.4% to 1.0%.

However, the number of loans approved for house purchase (39,230) was higher than in February and higher than the previous six-month average, while approvals for remortgaging (31,746) were higher than in February, but below the previous six-month average.

jamie.obertelli@incisivemedia.com