25 January 2012
Paul Hunt, managing director of Phoebus Software said: “The fall of GDP in the final quarter of last year makes these BBA numbers are all the more remarkable. Those who complain lending volumes are still far below the long term average should count their blessings. Stop-start growth in the UK economy and potential disaster in those of our main trading partners could have caused lenders to button up their wallets and head for the hills. Instead, the high street banks boosted their net lending activity 1.5% last year and last month injected 12% more into the property market than they did in December 2010. This is a show of defiant confidence in the UK’s economy and lenders should be commended for it”.