Struggling firms paying more for bank loans - Business - Evening Standard
       

Struggling firms paying more for bank loans

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22 October 2009

Banks have jacked up the cost of lending to British businesses which are fighting the survive the recession.

The Bank of England today said they have increased spreads and fees on new lending over the summer.

It also said lending to businesses improved sharply in August but still remained negative.

The Trends in Lending report found businesses paid back a net £800 million in August having repaid £15.4 billion.

Lenders said they made more credit available over the past three months but still got more money back than they lent.

There was a stabilisation in the mortgage market in September when banks approved 56,000 home loans.

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