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Lending up £500m under BoE scheme

Lending up £500m under BoE scheme
The Bank of England's flagship Funding for Lending scheme has seen less than £500m injected into small businesses and households, new figures show.

The scheme, which opened at the start of August, offers banks cheap finance if they in turn lend on to households and businesses.

Banks drew down £4.36bn from the scheme in the third quarter, but net lending increased by just £496m.

The BoE's executive director for markets, Paul Fisher, said he remained confident Fundling for Lending would help with the supply of credit.

"Since the scheme was announced we have seen widespread falls in funding costs across different sources and an equally wide variety of lending rate reductions," he said.

"But it is too early to use these data as a reliable indication of the impact of the FLS on lending volumes."

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Summaries and transcripts from TV and radio

Maria Miller: Strong Tory support for gay marriage

20/05/2013 on Newsnight, BBC 2

Tim Loughton: Government backed amendment creates civil partnership inequality

20/05/2013 on Newsnight, BBC Two

David Burrowes: Tories shoud fight to stand up for marriage

20/05/2013 on Channel 4 News

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20/05/2013

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David Cameron letter to Conservative members

20/05/2013

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Maria Miller statement - Marriage (same sex couples) Bill

20/05/2013

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20/05/2013

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