UK Finance’s Business Finance update for June 2018

UK Finance’s Business Finance update for June 2018 reveals:

• Lending to manufacturers grew by 9.2% in the last 12 months, in contrast to a wider 1.8% contraction overall in UK business borrowing.
• UK business deposits grew by 2.3% in the last 12 months.

Commenting on the data, Stephen Pegge, managing director, commercial finance at UK Finance said:

“Monthly net lending to businesses returned to positive levels in June, driven by continued growth in borrowing in the manufacturing sector.

“However the broader picture remains mixed, with ongoing economic uncertainty impacting on firms’ appetite to borrow and invest in the long term.”