Commenting on the Bank of England’s trends in lending figures, and the revised business investment data published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC), said:  

“The latest business investment data raises hopes that the GDP figures for the third quarter will also be upgraded. However, there is no room for complacency. Business investment still shows a year on year decrease of 20% and if this ominous trend is not reversed, the UK’s productive capacity will decline, making it difficult to secure a sustainable recovery.  

 “Dangers to the UK’s productivity are reinforced by the new lending trends figures, which show that the flow of credit to business remained negative in October, with annual growth rates across all company sizes continuing to weaken. Access to finance remains a critical obstacle to a much-needed revival in investment.”