Mortgage downer: A pedestrian walks past the Bank of England in London. The central bank’s most recent survey of credit conditions, conducted Sept 1-18 and published in mid-October, showed lenders anticipating a surge in mortgage defaults this quarter after years of stability. — AFP
LONDON: The Bank of England meets today against the backdrop of a newly imposed lockdown that’s designed to curb the spread of the coronavirus, but will also crimp the economy. For lenders who were already nervous about borrowers being unable to pay their debts, the prospect of a second collapse in growth will prompt them to rein in their support even further.
The central bank’s most recent survey of credit conditions, conducted Sept 1-18 and published in mid-October, showed lenders anticipating a surge in mortgage defaults this quarter after years of stability.
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