Announcement made a short while ago by BOE and HM Treasury
Says the statement:
The Bank of England and HM Treasury are today announcing a two-year extension to the Funding for Lending Scheme (FLS). This extension will provide participants with additional flexibility to draw unused drawing allowances earned for positive net lending, with funding remaining available to support further improvements in credit conditions for small and medium-sized enterprises (SMEs). The extension will also ensure that the scheme is gradually phased out, with borrowing allowances reducing over time, thereby minimising risks to the economic recovery from the withdrawal of funding support.
The FLS has contributed to a substantial fall in bank funding costs since its launch in 2012. That has fed through to improvements in credit conditions for households and businesses. Reflecting these improvements, the scope of the scheme has been narrowed several times since it was launched. Most recently, the Scheme was re-focused towards lending to SMEs.
Full announcement from the BOE website here
I'm finished for the day.. I hope the rest of month-end is kind to you and we'll meet again in December. Where oh where has 2015 gone?!!
