-Bank of England
In the United Kingdom, demand for bank lending among small and medium-sized enterprises dropped in the last quarter of 2016 in the wake of the country's decision to leave the European Union, according to the Bank of England's quarterly Credit Conditions Survey released on Friday. Furthermore, British banks suggested that the demand for bank credit by SMEs will remain low in the upcoming months. In the meantime, the demand for credit among large businesses remained unchanged in the reported quarter, following a large slip posted in the preceding quarter. In addition, the Bank said the availability of secured credit for households held steady in the last three months of 2016 and is likely to rise moderately in the first quarter of 2017. Despite an increase in the availability of unsecured credit in the past quarter, it is expected to fall during the first quarter of 2017 due to stricter terms and conditions of credit card offers introduced in the three month period to December.
The Bank of England was looking for signs of damage to British companies, business investment and overall economic growth after the vote to leave the European Union. The survey was carried out between November 21 and December 9.
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