Net mortgage lending in the U.K. hit a record low in December, according to the Bank of England. In its latest Trends in Lending survey, the central bank reported that approvals by major lenders sank to £800 million ($1.28 billion) last month, down from £1.4 billion ($2.24 billion) the preceding month and the lowest level since the bank began tracking them in January 2009. The bank did note, however, that lending to businesses rose to £1.3 billion ($2.08 billion) in November, the first monthly increase since February.

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