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U.K. Banks Plan Sharp Cut in Mortgage Lending, BOE Survey Finds

  • Defaults expected to rise as cost of living crisis bites
  • Demand and supply of unsecured loans to remain strong
An estate agents in Colchester, U.K.

An estate agents in Colchester, U.K.

Photographer: Chris Ratcliffe/Bloomberg

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British banks plan a sharp cut in mortgage lending over the next three months amid fears that borrowers will start to default on their debts.