£500m borrowed in new Bank scheme

AOL Money Staff
Bank of England
Bank of England

Yui Mok/PA Wire

Businesses and households have borrowed a net £500 million in the first three months of a new Bank of England scheme designed to unclog the flow of credit in the UK.

A total of 35 lenders, including most of Britain's biggest banks, have signed up to the Bank's Funding for Lending scheme (FLS) and have drawn down £4.4 billion between July and September.