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You can find the current article at its original source at https://www.theguardian.com/business/2017/oct/12/uk-banks-consumer-credit-credit-card-car-finance-loans-bank-of-england
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| Banks plan clampdown on credit after warnings on debt mountain | |
| (about 1 hour later) | |
| UK banks are planning the biggest squeeze in consumer credit since late 2008, when the economy was in the depths of recession, according to a Bank of England survey. | UK banks are planning the biggest squeeze in consumer credit since late 2008, when the economy was in the depths of recession, according to a Bank of England survey. |
| The clampdown follows warnings that Britain’s debt mountain has risen to dangerous levels. | The clampdown follows warnings that Britain’s debt mountain has risen to dangerous levels. |
| The survey showed the net balance of lenders’ expectations for the availability of unsecured lending to households over the next three months fell to -28.6 from -16.2, indicating the sharpest fall since the fourth quarter of 2008, when the UK economy contracted by 2.2%. | The survey showed the net balance of lenders’ expectations for the availability of unsecured lending to households over the next three months fell to -28.6 from -16.2, indicating the sharpest fall since the fourth quarter of 2008, when the UK economy contracted by 2.2%. |
| Demand for secured lending for house purchase fell slightly in the third quarter and was expected to be unchanged in the final three months of the year. | Demand for secured lending for house purchase fell slightly in the third quarter and was expected to be unchanged in the final three months of the year. |
| Banks said they expected the availability of loans to businesses to remain roughly unchanged over the next three months. | Banks said they expected the availability of loans to businesses to remain roughly unchanged over the next three months. |
| However, lenders expected demand for loans for capital investment in businesses to fall at the fastest rate since the third quarter of 2011. | However, lenders expected demand for loans for capital investment in businesses to fall at the fastest rate since the third quarter of 2011. |