Gross lending data falls short of estimates

According to CML data for April, lending in Q1 totaled just £32bn. At current or near to current rates, gross lending for 2009 will fail to match 2001's total of £160bn by a wide margin. The last time gross lending was less than £120,000 in a calendar year was in 2000, when it reached £119bn. Lending in 2007 topped £363bn. Despite this, the CML says its forecast for gross lending of £145bn in 2009 "remains unchanged". In April, lending declined to an estimated £10.4bn, down 9% from £11.4bn in March and 60% from £26.1bn in April 2008. The CML says the fall can be partially blamed on ...