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BoE scheme fails to increase lending to small businesses

Reuters - UK Focus

LONDON, Feb 26 (Reuters) - Lending to small businesses by banks in Britain taking part in the Bank of England's Funding for Lending Scheme (FLS) fell by 800 million pounds ($1.2 billion) in the fourth quarter, the BoE said on Thursday.

The FLS was launched in mid-2012 to provide cheap money to banks on condition that they lend to British businesses and households. It was amended at the start of 2014 to focus on small business lending.

Total (Swiss: FP.SW - news) lending to businesses in the fourth quarter by participants in the scheme, which included credit to large firms and some other lending, sank by 6.9 billion pounds.

The Bank of England said lending to small firms contracted at a slower rate in 2014 as a whole than it did in 2013.

The scheme was extended to run for a further year in December 2014. The BoE said on Thursday that participants will be able to draw down funds until Jan. 29, 2016. ($1 = 0.6440 pounds) (Reporting by Matt Scuffham, editing by Sinead Cruise)