UK lending suffers setback

[Rande273]

Lending to consumers and businesses suffered a setback in May, highlighting the threat to nascent green shoots from weak levels of credit.

Net lending secured on dwellings did not grow during the month, the worst performance since records began in 1993, the Bank of England said. The annual rate of lending growth of 1.3 per cent was also the slowest pace on record, and compares with a 11 per cent growth rate before in late 2007.