Tuesday, 30 July 2013

UK Loans Update News

LONDON (Reuters) - Britain's biggest banks have agreed to release data showing how much they lend at a local level, the government said, enabling it to see how banks are serving the wider economy and in what areas of Britain there is a lack of lending.
The Treasury said seven of the country's largest lenders, which together account for around 80 percent of all loans, will from next year publish how much they lend to businesses and individuals in 10,000 localities within the UK.
"It is a major step forward in terms of transparency and should encourage competition by helping smaller lenders to identify gaps in the market," Danny Alexander, Chief Secretary to the Treasury, said on Wednesday.

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