UK Finance's latest Business Update for April
2018 reveals that:
• UK business borrowing contracted slightly by 1.7% in the last 12 months. However within industry sectors there was a mixed picture with manufacturing maintaining strong growth at 8% while construction contracted by 6.3% in the year.
• UK business deposits grew by 4.4% in the last 12 months down on the previous six month average of 6%.
Commenting on the data, Stephen Pegge, managing director, commercial finance at UK Finance said:
“Overall demand for finance amongst businesses remains subdued. There has been some fluctuations in business borrowing, particularly in the construction and real-estate sectors.
“This reflects ongoing economic uncertainty, as firms continue to build their deposits and carefully consider long-term investment decisions.”