Lenders have drawn down £16.5bn from the Funding for Lending Scheme since it opened on 1 August 2012 but net lending has fallen since the launch of the flagship scheme.
Bank of England figures show that 40 lenders have now taken part in the scheme since its launch to the market last year. Of the participants, 27 increased their lending in the first quarter of 2013 but this masks large falls in net lending by some of the UK's biggest banks. Net lending across all 40 providers using the scheme reduced by £300m in the first quarter of 2013 and has now fallen by £1.8bn in the months since the scheme's launch. Santander has reigned in lending by £8.6bn since August while Lloyds Banking Group's net lending fell £6.6bn in the same period. Royal Bank of S...
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