MFI net lending to private non-financial corporations (monthly change), United Kingdom
MFI net lending to private non-financial corporations in the United Kingdom was £2.7 bn in , up £717.0 mn from and down £1.1 bn from a year earlier. Over the latest 12 readings it moved between £574.0 mn and £6.3 bn. Source: Bank of England, Bank of England Database LPMVWNQ; history from .
Key takeaways
- MFI net lending to private non-financial corporations at £2.7 bn in beats 81% of readings since (Bank of England).
- Against a ten-year average of £1.3 bn, MFI net lending to private non-financial corporations is above that norm by £1.4 bn (Bank of England).
What this indicator is and why it matters
MFI net lending to private non-financial corporations is the monthly change in the amount that UK companies outside the financial sector owe to banks and building societies, after repayments. The Bank of England publishes it seasonally adjusted (series LPMVWNQ), in sterling; a negative number means companies repaid more than they borrowed.
It shows whether UK businesses are taking on or paying down bank debt, a guide to investment intentions and to the availability of bank credit for firms. Small and medium-sized firms rely on banks more than large companies, which can borrow in bond markets, so weak bank lending can weigh more on smaller businesses.
The series has two features to keep in mind. It swings widely from month to month, because a few large loans or repayments can dominate, so a single month says little. And government programs distort its history: in 2020 Bounce Back Loans and other government-guaranteed schemes produced record borrowing by firms, followed by years of repayments that pushed net lending negative. Large companies also move between bank loans and bond markets, so falling bank lending can mean companies are borrowing elsewhere.
Where it sits in history
MFI net lending to private non-financial corporations is at its highest since , when it stood at £4.6 bn. Within ten years, MFI net lending to private non-financial corporations beats 83% of readings.
| Window | Latest is higher than | Average | Highest | Lowest |
|---|---|---|---|---|
| Since January 2006 | 81% of readings | £1.1 bn | £28.1 bn | -£7.8 bn |
| Last ten years | 83% of readings | £1.3 bn | £28.1 bn | -£4.3 bn |
| Last five years | 82% of readings | £1.2 bn | £6.3 bn | -£2.8 bn |
- MFI net lending to private non-financial corporations (monthly change) £2.7bn
Recent readings
Last five years
- MFI net lending to private non-financial corporations (monthly change) £2.7bn
Latest readings
| Period | Value | Change from previous |
|---|---|---|
| £2.7 bn | +£717.0 mn | |
| £1.9 bn | -£694.0 mn | |
| £2.6 bn | +£356.0 mn | |
| £2.3 bn | -£2.3 bn | |
| £4.6 bn | -£1.7 bn | |
| £6.3 bn | +£4.0 bn | |
| £2.3 bn | -£717.0 mn | |
| £3.0 bn | -£2.1 bn | |
| £5.2 bn | +£665.0 mn | |
| £4.5 bn | +£3.9 bn | |
| £574.0 mn | -£2.7 bn | |
| £3.2 bn | -£502.0 mn | |
| £3.7 bn | -£224.0 mn |
Annual averages
By calendar-year average, MFI net lending to private non-financial corporations peaked in (£5.9 bn) and bottomed in (-£1.4 bn). 2026 to date: £3.2 bn, after £2.8 bn in 2025.
| Year | Average | Low | High | Readings |
|---|---|---|---|---|
| 2026 (part year) | £3.2 bn | £1.9 bn | £6.3 bn | 8 |
| 2025 | £2.8 bn | £574.0 mn | £5.2 bn | 12 |
| 2024 | £1.4 bn | -£328.0 mn | £4.2 bn | 12 |
| 2023 | -£372.2 mn | -£2.8 bn | £830.0 mn | 12 |
| 2022 | £276.8 mn | -£2.8 bn | £2.1 bn | 12 |
| 2021 | -£216.7 mn | -£4.3 bn | £7.1 bn | 12 |
| 2020 | £3.2 bn | -£1.6 bn | £28.1 bn | 12 |
| 2019 | £1.0 bn | -£2.2 bn | £3.2 bn | 12 |
| 2018 | £1.5 bn | -£41.0 mn | £3.2 bn | 12 |
| 2017 | £1.1 bn | £100.0 mn | £2.7 bn | 12 |
| 2016 | £958.5 mn | -£2.3 bn | £4.2 bn | 12 |
| 2015 | £290.7 mn | -£2.4 bn | £1.9 bn | 12 |
| 2014 | -£492.1 mn | -£3.2 bn | £1.1 bn | 12 |
| 2013 | -£113.2 mn | -£4.2 bn | £4.6 bn | 12 |
| 2012 | -£978.2 mn | -£3.1 bn | £1.5 bn | 12 |
| 2011 | -£1.1 bn | -£4.8 bn | £2.5 bn | 12 |
| 2010 | -£1.4 bn | -£4.1 bn | £1.7 bn | 12 |
| 2009 | -£1.1 bn | -£7.8 bn | £2.6 bn | 12 |
| 2008 | £1.5 bn | -£4.2 bn | £9.1 bn | 12 |
| 2007 | £5.9 bn | £2.9 bn | £9.7 bn | 12 |
| 2006 | £5.5 bn | £825.0 mn | £10.2 bn | 12 |
How is it measured?
Monthly change in monetary financial institutions' sterling net lending to private non-financial corporations.
Bank of England publishes MFI net lending to private non-financial corporations monthly in Bank of England Database LPMVWNQ, in GBP and is seasonally adjusted. Code: LPMVWNQ. Method for MFI net lending to private non-financial corporations.
Questions
How high is MFI net lending to private non-financial corporations in the United Kingdom now?
£2.7 bn in (Bank of England), down £1.1 bn on a year earlier.
Is MFI net lending to private non-financial corporations high by historical standards?
MFI net lending to private non-financial corporations beats 81% of readings since ; its peak was £28.1 bn (), its low -£7.8 bn ().
When is MFI net lending to private non-financial corporations updated?
Monthly, in Bank of England Database LPMVWNQ. Next reading: September 2026.
Where can I check MFI net lending to private non-financial corporations at the source?
Bank of England data, code LPMVWNQ.