David Black, principal consultant of banking for Defaqto.com, said the pressure on payment protection insurance sales would affect lenders’
The website compared the “average” deals for unsecured
Mr Black remarked that there were more rejections in unsecured
He added that Nationwide were refusing about 60 per cent of applications and many lenders’ annual reports said they were focussing on acquiring better quality business.
The Bank of England’s monetary policy committee voted eight to one at its rate-setting meeting earlier this month to keep the base rate at five per cent.
David Blanchflower, the only committee member to call for a cut, suggested that the UK could parallel an earlier slowdown in the US unless the economy was boosted to offset the downturn in consumer spending and the housing market
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