Net mortgage lending improves

"The weak economic environment continues to undermine confidence in both household and business sectors, which impacts on borrowing demand.

"The banks’ new mortgage lending has ticked up in the past couple of months with higher buy-to-let demand, and some business sectors are edging towards year-on-year borrowing growth, although the general landscape is one of households not wanting to take on more borrowing and businesses waiting for trading conditions to improve before borrowing to expand or invest.

"Against this backdrop, paying down existing debt dominates the net lending figures."

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