Business borrowing up year-on-year

Net lending to businesses reached its highest level in a year last month, at £3.24bn - an increase of 0.2% year-on-year. This is despite borrowing in the Construction sector - negatively impacted by poor weather over the winter period -  contracting by nearly 7%.

Borrowing by manufacturing businesses increased by nearly 9%, evidencing increased confidence in the sector as the weak pound has made UK exports more competitive in international markets.

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