Wednesday, May 25, 2011
This month approvals have dropped 18% YoY
"Individuals and businesses continue to save more, pay off debt and borrow less as uncertainty about the economy has entrenched a 'wait and see' attitude. However, banks are still able to meet the need for home loans even though demand remains weak. Businesses - SMEs in particular - are using cashflow and deposits to fund expenditure rather than taking on more borrowing.â€ Net changes in non seasonally adjusted amounts outstanding down to Â£26m the lowest amount on record ever!