Increased mortgages fail to boost economy
Even though people are buying a lot more houses than half a year ago, the money is not flowing through the economy the way it should. The number of loans rose from 53k to 56k proving that it’s the highest during the six months period, but borrowers are trying to repay the debts as soon as they car therefore net mortgage lending rose only by £900m.
Lending to the biggest British sector: non-finacial private corporations fell by £400m and now it stands very low. Hopefully it will stop falling by the end of the year, because banking really depends on it. In the mean time banks will try to push through to more customers to steadily pull the country from the crisis.
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Posted by Paul