A government scheme aimed at boosting finance to businesses achieved its highest quarterly lending results in the third quarter of this year, new data reveals.
The Bank of England said banks and building societies had borrowed £5.8 billion under the Funding for Lending scheme (FLS) during the three months to the end of September. This was more than three times the amount recorded in the previous quarter.
Launched in July 2012, the FLS is designed to boost lending to homebuyers and small businesses by providing banks with cheap, state-backed funding.
Last week the Bank of England and the Treasury announced that the scheme will be changed to exclude individuals following an increase in mortgage lending and the upturn in the housing market.