Britain’s FLS fails to convince

Britain's Funding for Lending scheme failed

Britain's Funding for Lending scheme (FLS), a plan for encouraging the banks to provide more credit to businesses and households, failed to improve the first quarter's lending, as per the latest data.

FLS plan launched four years ago

Approximately four years ago, the Bank of England launched the FLS as part of the British government's activity to stimulate and support the nation's economy.

The FLS outstanding drawings, on aggregate, for the first quarter were upper, compared to last year's 57.3 billion, to 58 billion pounds or $83.72 billion.

Moreover, the British economy's slowdown, that started at the beginning of the year and resumed, was the outcome of uncertainty and June's upcoming referendum.

ECB holds benchmark rate at record lows

The ECB held its benchmark rate at the lowest level, as initially estimated, amid the policy makers monitoring the pressures on the euro, the region's single currency.

The European Central Bank maintained the benchmark interest rate at 0.0%, as well as holding the deposit facility rate stable at -0.4%.

Euro zone’s PPI falls to -0.3%

Euro zone's producer price inflation dropped from 0.3% to -0.3%. The analysts estimated the PPI to appreciate 0.1%.

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