As a bank, Aldermore is committed to maintaining strong ties with businesses and individuals in order to provide financial products and services that best meet their needs. As part of this mission to continually re-appraise what these groups require from their financial provider, this month Aldermore will look back at how each sector has been affected by the events of the last twelve months.
2013 has been an eventful year for the UK, with the economy rapidly re-gaining strength in the latter half of the year after an uncertain start. This holds major implications for both businesses and consumers.
One of the real success stories for 2013 has been the return to form of the property market, with both the Funding for Lending Scheme and Help to Buy having a strong effect on refueling housing demand. These initiatives have allowed numerous creditworthy first time buyers, who may otherwise have struggled to obtain a mortgage, to find their footing on the property ladder, with high loan-to-value lending up 80 per cent year on year.
Business confidence has also continued to climb in recent months, measured through the Aldermore SME Inflation Index. December also saw Small Business Saturday boost morale for SMEs.
In order to encourage lending to these vital SMEs, The Bank of England has promised to hold interest rates at their current low until unemployment drops, with savers unfortunately bearing the cost of this necessary measure.
Throughout next week, Aldermore will look in more depth at the situation for each of these groups, identifying the challenges and opportunities these vital members of UK society are likely to face in 2014.
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