Major British Banking Groups release figures for January 2004

19 February 2004
The Major British Banking Groups (MBBG) has released its latest figures for January 2004, which show that total sterling lending to the UK private sector showed a net increase of £5.8bn (+0.6 per cent) to £965.7bn, and that mortgage lending rose by £5.9billion, the largest increase since November 2001.

David Dooks, BBA director of statistics, said: 'It is too soon to see any impact of the latest quarter-point rise in interest rates on mortgage demand, but the major banks continued to see above trend mortgage lending in January. In contrast, credit card borrowing remained subdued, with spending being largely offset by repayments.'