Recent figures by the BBA show that individuals with the most debt live in the North of England. In particular Leeds and Manchester are among the top areas listed, revealing average personal debt of £1,516 and £1,408 respectively. Results collected from postcode data on bank lending show Northerners have the highest amount of debt per capita, far lower than individuals in the South of England.
Interestingly, Greenwich in South East London has the total overall highest personal debt figure at £13.5million. The Council of Mortgage Lenders (CML) reported London to be the largest market for mortgages, totalling almost as many borrowers than in North of England, Wales, and Scotland put together.
Looking at the SME lending figures in BBA’s findings, the largest percentage of lending went to companies in London and amounted to £21.6 billion. Companies in the South East borrowed a total of £13.1 billion, closely followed by those in the North West of England at £11.4 billion. Although figures show London as receiving the most financial support, the banking industry is in fact lending more money to companies throughout Britain than the South East and London. It’s only the geographical proportions and concentrated number of businesses that is reflected in these figures.