Gross mortgage lending drops 13% in January: CML

Its latest figures revealed lending in January was up 5% compared to the same month in 2010, which is the first year-on-year increase since August 2010. However, the CML points out comparisons with the beginning of last year are distorted by the continued effects of the Stamp Duty holiday that finished at the end of 2009. Peter Charles, economist at the CML, says: "The Bank of England's inflation report noted that the UK banks face a significant funding challenge over the next couple of years. "In total, including funding supported by the public support schemes, around £400bn to £...