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Household Loans 'tightened' |
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(4th January 2008)
The latest research by the Bank of England has shown that banks reduced lending to households is set to continue into the first few months of 2008.
Those with a poor credit history who are looking for a loan are likely to be most affected, as 32 per cent more lenders have tightened their credit scoring criteria in light of the recent credit crunch.
Howard Archer, the chief UK and European economist at Global Insight, told the Independent that the financial situation in the latter quarter of 2007 could have a continuing impact into the next year for both businesses and households.
He explained that the credit crunch and its implications "increases pressure on the Bank of England to trim interest rates again".
The Bank of England has also informed consumers that the difference between house price offers and asking prices may soon increase, in light of a "slight reduction" in household credit over the next three months.
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