October 17, 2019 / 8:44 AM / a month ago

UK lenders see worst outlook for business loans since 2008: BoE survey

FILE PHOTO: The Bank of England is seen in the financial district during rainy weather in London, Britain, September 23, 2018/File Photo

LONDON (Reuters) - British lenders expect business loans will dry up in the next few months at the fastest rate since the financial crisis, according to a Bank of England survey on Thursday that augured badly for investment as Brexit nears.

The BoE’s gauge of expectations for the availability of loans to businesses over the next three months fell to -13.5% in the third quarter from -5.8% in the second quarter, its lowest level since early 2008.

Banks and building societies expected the availability of mortgages to increase slightly in late 2019, the survey showed.

Reporting by Andy Bruce. Editing by Andrew MacAskill

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