Net lending by major U.K. banks last year plunged 43.5% to its lowest level since June 1999, according to the British Bankers’ Association. The BBA reports that net lending was down 10% in December compared with a year earlier, ending 2010 with a total figure of £20 billion ($31.63 billion), down from £35.4 billion ($56 billion) for all 2009. BBA noted, however, that despite the dramatic decline, lending by major banks was still more active than at building societies and specialist firms, rising £20 billion by the former compared with a decline of £12 billion ($19 billion) by the latter.

Click here to read the release from the British Bankers’ Association.