The trade association’s research revealed that total lending outstanding by high street banks to businesses was £263.3bn in July.
The largest fall in lending came in the construction industry as it reported a decrease of 6.9%.
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However, the largest increase in lending was in the manufacturing industry which reported a 7.1% growth.
Stephen Pegge, managing director of commercial finance at UK Finance, said: “Overall demand for finance remains subdued amid ongoing economic uncertainty.
"Growth in business deposits has also slowed, suggesting firms are seeing their margins squeezed by inflationary pressures."
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