Lending to manufacturers up 5.1%27/06/2018
UK Finance's latest Business Update for May 2018 reveals that lending to manufacturers grew by 5.1pct in the last twelve months, in contrast to a wider 2.5pct contraction overall in UK business borrowing.
UK Finance also notes that UK business deposits grew by 3.1pct in the last twelve months, with total deposits for non-financial companies 5.2pct higher compared to May 2017.
Commenting on the data, Stephen Pegge, Managing Director, Commercial Finance at UK Finance, said, “There has been steady growth in lending to manufacturing, with the finance industry continuing to support investment in this important sector of the economy. However, overall appetite for finance amongst UK businesses remains low, as ongoing economic uncertainty weighs on long-term investment decisions.
“Growth in deposits has also slowed amid less buoyant business conditions, as many firms’ margins are squeezed by rising input costs.”