Smaller UK firms struggle for bank finance
Banks’ difficulties in accessing funding did not hit UK corporates’ access to loan financing over September, according to a Bank of England report released this week, but treasurers are bearish about the 12 months ahead. In its quarterly Trends in Lending report, the UK’s central bank noted that larger firms were generally able to access bank lending, but smaller businesses were still finding bank finance hard to come by.
"Some major UK lenders reported that higher wholesale bank funding costs were starting to feed through to their internal transfer prices although, as yet, the effect on loan pricing for corporates was muted," the report stated.
Lending by UK banks and building societies to businesses shrank by around £2.5bn
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