Consumers in the U.K. are technically facing a double-dip recession as household spending posted its second consecutive quarter of contraction in the first three months of the year, according to The Daily Telegraph.
Mortgage lending in the U.K. slipped in April to its lowest level in two years, while lending to businesses also contracted, according to the British Bankers’ Association, reports Financial Times.
The Royal Bank of Scotland has supported the British Bankers’ Association decision not to appeal a court ruling for mis-selling personal protection insurance.
The growing number of mortgage approvals is not necessarily a sign the U.K. housing market is approving, according to economists, reports The Guardian.
Lending to non-financial and private businesses in the U.K. fell in January, though sharply below the average amount for the preceding six months, according to the British Bankers Association, reports Financial Times.
Lending to private, non-financial companies in the U.K. shrank in the first month of the year, although a smaller contraction that lending conditions could be improving, according to Financial Times.
The number of mortgage approvals by U.K. retail banks were off 29% in January compared with a year earlier, while remortgages were up by a similar percentage, according to British Bankers Association, reports Mortgage Introducer.
