Credit conditions for thousands of small business are getting worse not better, according to the Bank of England, which has pumped £125bn into the economy to mitigate the effects of recession.

But its quantitative easing programme has done little to stimulate lending to firms, which dropped £1.1bn in four weeks to £7.9bn a month.

Firms have borrowed £12.6bn since March, according to the BoE’s own figures.

Loan facilities worth a total of £5.8bn were also withdrawn from companies last month – the same level seen in April.
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