The British Bankers’ Association has reported that the annual growth of the banks’ net mortgage lending was 2.3% in March, substantially ahead of the 0.7% for the whole mortgage market in February.

BBA statistics director, David Dooks said: “Uncertainty about future prospects for the economy is a significant factor behind these statistics. Weak trading activity is discouraging businesses from borrowing to expand and most are oriented towards repaying debt and reducing their operating costs larger corporates are also using the capital markets less