British lenders taking part in a Bank of England scheme to boost firms' and households' access to credit cut lending sharply in the last three months, official statistics have revealed.
The lower than expected Funding for Lending Scheme (FLS) figures have dampened hopes that the project could help revive economic growth.
The BoE bank announced the scheme jointly with the government in June 2012, as a way to unblock a credit log-jam which some economists say is a big factor behind Britain's weak economic recovery.
Banks and building societies cut lending by a net £2.425bn between October and December.
The figure compares to an increase of around £1bn in the first months of the FLS's operation.
Total net lending by banks and building societies taking part in the scheme - which includes all major British lenders apart from HSBC - is now down by £1.502bn since June 30.
The bank said that the scheme's benefits will not be fully clear until later in 2013.
"I would not expect to see a return to rising aggregate quantities until we start getting data for 2013 at the earliest," the bank's Paul Fisher said.
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