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SME lending under government scheme falls again

Lending to SMEs under the government's Funding for Lending (FLS) scheme fell by £435 million in Q2 2014, according to the latest figures from the Bank of England (BoE).

Large corporates borrowed £3.5 billion less under the scheme in the second quarter of the year, meaning net lending to all businesses fell by almost £4 billion on the quarter.

Banks and building societies that...

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Economy to grow 3.2% in 2014

The UK economy will this year grow by more than 3% for the first time since 2007, according to updated forecasts from the British Chambers of Commerce (BCC).

Updating its projections for the rest of the year and through to 2016, the BCC said it expects GDP growth of 3.2% in 2014 - 0.1% higher than its previous estimate in May.

Other interesting figures from the BCC's updated...

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Cash savings increase in July

There was a 'strong increase' in cash savings in July 2014 following the introduction of New Individual Savings Accounts (NISA), according to the British Bankers' Association (BBA).

The BBA data reveals that savers deposited £4.9 billion more into ISAs in July 2014 compared to June 2014.

NISAs allow customers to save up to £15,000 a year tax-free and give the option of...

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Local councils fail to meet payment deadlines

Contractors wait more than 40 days for payment from some local councils, the Asset Based Finance Association (ABFA) has found.

The research reveals that council suppliers wait an average of 17 days to receive payment from councils.

In July 2010, local authorities were urged to follow the example of central government and pay 80% of invoices within 5 days.

However, some...

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Financial jargon confuses consumers

Consumers don't understand the financial jargon used by banks and building societies, according to a survey by National Savings & Investments (NS&I).

The poll of more than 1,200 adults found that 67% of Brits know what a BACS payment is and 38% know what AER stands for. More than half (53%) know what ISA means and 55% understand the term gross.

The survey reveals:

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