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£80bn bank lending scheme

The Bank of England and Treasury's £80 billion Funding for Lending scheme (FLS) was fired into action today in the latest attempt to boost the struggling economy.

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BBA: Banks are 'committed' to new lending scheme

The British Banker's Association has said today that they are "committed" to the Treasury's new £80 billion Funding for Lending Scheme, which was put into action today. The BBA said:

The UK's lending market is very competitive - and with support through schemes like the FLS for even lower cost borrowing, now is a very good time for UK businesses and individuals to speak to a bank about their financing needs.

The scheme is open to all banks and building societies and should act as a driver for competition, which should benefit both consumers and businesses.

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