UK Funding for Lending Scheme opens

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The joint Bank of England and UK Treasury's Funding for Lending Scheme (FLS) was opened today (August 1), offering UK banks and building societies a window of 18 months to borrow at diminished rates so long as they lend more to customers.

The plans were announced in June as a way of stimulating the UK economy. Initial reactions were muted, with uncertainty over the use of the scheme being voiced. It was feared the demand would not be there from borrowers to stimulate the need for banks to tap

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