British funding scheme fails to boost business lending

June 2, 2016 9:43 AM

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British funding scheme fails to boost business lending

LONDON Britain's scheme to encourage banks to make more credit available to households and businesses failed to significantly boost lending in the first quarter of this year, data showed, amid concerns about a slowdown in the economy.The Bank of England launched its Funding for Lending Scheme (FLS) four years ago as a key part of government efforts to stimulate the economy.The aggregate outstanding drawings under FLS in the first three months of 2016 stood at 58 billion pounds ($83.72 billion), only just up from 57.3 billion pounds in the same period last year, the central bank said.

Britain's economy slowed at the start of this year, buffeted by a slowing global economy and uncertainty ahead of this month's referendum on European membership.

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