Lenders expect further credit cutbacks: BoE poll

The Bank of England's quarterly survey of credit conditions, published on 3 April, showed that lenders had reduced the supply of secured credit to households over the three months to mid-March.

"Lenders expected a further reduction in the availability of credit over the next three months," the survey also noted. "Spreads on new loans had increased, particularly for household secured and corporate lending". Lenders reported that default rates on lending to non-financial corporations had increased

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