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  1. Wealth
January 21, 2009

FT: Foreign lending tight for UK banks

By Spear's

Funding difficulties for UK ­companies are being made worse by a sharp reduction in lending to British banks by overseas institutions.

From FT.com:

Funding difficulties for UK ­companies are being made worse by a sharp reduction in lending to British banks by overseas institutions.

Outstanding loans to UK banks by overseas institutions fell about 20 per cent in the four months to November alone, according to data from the Bank of England.

This illustrates the extent of the government’s challenge to increase the flow of funds to companies.

Alistair Darling, the chancellor, has warned that the drop in foreign lending has in part restricted the ability of UK banks to extend credit to British businesses.

‘We see a lot of foreign banks going home with their ball. That’s understandable for some of them that had been propped up in various ways,’ said John Grout, of the Association of Corporate Treasurers.

To read the full article, visit FT.com

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