We are The voice
Dr Rebecca Harding, BBA Chief Economist, said:
“This month’s High Street Banking data reflects the uncertainty that was felt ahead of the EU referendum.
“Business borrowing in June dropped for the first time in 2016, signalling that investment decisions were being delayed until after the vote.
“Mortgage lending and approvals also fell back in June but remain above the low levels seen in April following the introduction of the stamp duty surcharge.”
“Overall, business confidence was clearly fragile in anticipation of the outcome of the vote, but these results are not a verdict on the health of the economy post-Brexit. We won’t start to see that data come through until the autumn and any trends before then should not be over-interpreted”Read more
Customers are using mobile banking apps more than 7,610 times a minute, or 4 billion times a year, as part of a “consumer-led revolution” of personal finance, according to a new report by the BBA.Read more
Nominations are open for ifs University College and BBA 2016 Financial Innovation Awards, which seek to recognise and reward innovation in the finance sector.Read more
Commenting on the reduction of the countercylical capital buffer announced in the Bank of England's Financial Stability Report today, the BBA's Chief Executive Anthony Browne said:… Read more
Customers should rest assured their banking services will continue as normal. People will be able to take money out of cash machines, exchange currency and have full access to their banking services. Any consequences of the referendum result will take some time to resolve and any changes to banking will take place over several years.Read more
Dr Rebecca Harding, Chief Economic Advisor at the BBA, said: “The data for May shows a sustained increase in unsecured credit relative to earnings. Consumers are increasingly using short-term borrowing for spending, amid uncertainty around the economy and EU referendum.
“Mortgage approvals have bounced back following the sharp drop in April, caused by the initial reaction to the stamp duty surcharge. This increase suggests that claims of a slowdown in house price inflation may be premature.
“There has also been stronger growth in bank lending to manufacturing throughout the year. Businesses have shown stronger demand for finance in 2016 and will be keen that today’s referendum result does not slow activity down.”Read more
Members of the BBA have voted for the organisation to consolidate with three other bodies to form a new trade association for the finance sector.… Read more
Dr Rebecca Harding, BBA Chief Economic Advisor said: “As expected, growth in mortgage lending has fallen back sharply on last month proving that March’s results were just a Stamp-Duty spike. Net mortgage borrowing is nevertheless 3% higher than a year ago.
“Separately, the fact that personal deposits are growing while ISA deposits continue to disappoint suggest consumers are using easy-access savings while the outlook for the economy remains uncertain. The increase in real wage growth may start to have positive knock-on effects on long-term savings if it is sustained.”Read more