View more on these topics

Barclays set to lend additional £11bn in 2009

Barclays has revealed it will increase UK lending by £11bn to both households and businesses.

Barclays says the additional lending will be directed by commercial terms and credit criteria. It will split the funds evenly, offering £5.5bn in residential mortgages and £5.5bn to businesses.

The business budget includes the £1.5bn increase in lending to small and medium-sized businesses announced on at the end of 2008.

Speaking at Barclays Annual General Meeting today, group chief executive John Varley said: “At a time when customers are seeking to cope with the economic downturn, and governments and supervisors are dealing with the effects of the financial crisis, we want to do our part in getting credit to customers.

“Activity by households and businesses will help restore sustainable growth to the UK economy. This is a good time to lend, in circumstances where the commercial and risk terms make sense to our customers and our shareholders.”

Recommended

Budget holes

Another Budget, another disappointing damp squib. This year’s announcement by the Chancellor was one that will be remembered by some – but certainly not by the mortgage industry.

Borrowing will reach £175bn

Government borrowing will be £175bn this year, equivalent to around 12.4 per cent of GDP. The Chancellor says it will drop to 11.9 per cent of GDP next year, 9.1 per cent in 2011/12, 7.2 per cent in 2012/13 and 5.5 per cent in 2013/14.

Keep calm and carry on?

We British are known for our stiff upper lip and just getting on with things. It’s part of our quirky cultural behaviour – like forming orderly queues, or saying sorry when it’s not our fault. Many of us just aren’t that great at talking about what’s bothering us. But if someone feels that the stresses […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment