Businesses and households have borrowed a net £500m in the first three months of a new Bank of England scheme to unclog the flow of credit in the UK.
A total of 35 lenders have signed up to the Bank's Funding for Lending scheme (FLS) and have drawn down £4.4bn between July and September.
The scheme was launched over the summer by the Bank and Treasury to offer lenders funding at low interest rates on condition it is passed on to households and businesses.
Alan Clarke, economist at Scotiabank, said the FLS take-up had been "encouraging" and added: ’Quite whether it kick starts the chain reaction that is required to get the economy going is less clear. Nonetheless, it is a case of so far so good with regards to the take-up of the scheme.“