Public Administration Takes the Crown in Lending Growth
Rangewell’s latest dive into the UK’s lending waters reveals a surprising celebrity: the public administration sector is strutting its stuff, boasting a whopping 26.7% jump in monthly loan balances. That’s more than double the growth seen in the electricity, gas and water supply juggernaut.
Where the Money is Flowing in 2024
Bank of England’s newest figures (just for your curiosity) put the total outstanding loans at £2.514 trillion in June. That’s an 0.9% uptick compared to last year, led by a 1.3% rise among businesses and a modest 0.7% increase for individuals.
Industry Movers and Shakers
- Public Administration – +26.7% (the star player)
- Electricity, Gas & Water Supply – +17.9% (still a strong contender)
- Real Estate – +5.4% (steady, not flashy)
- Financial Intermediation – +4.7% (even though the sector itself grew by 4.7% last year)
- Fishing – +3.4% (small but steady)
Industry Expert Weighs In
Alasdair McPherson, Rangewell’s Head of Partnerships, gave a quick rundown:
“Despite the 5.25% interest rate hovering at its peak, we’ve seen a noticeable uptick in SMEs grabbing external funding since the year’s start,” he said. “The hold on the base rate since September 2023 has turned the lending scene into a more upbeat place, letting businesses tap into stability and grow. Lenders are more willing now, and as rates look set to tumble further, almost every sector is poised for stronger appetite from a larger pool of lenders.”
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