The Loans as a percentage of GDP in United Kingdom attained a value of 89.77% in 2023
The indicator recorded a historical change (bps difference) of 109.9 bps between 2020 to 2023, and is expected to reach ...
GlobalData projects the figure to change by ...
Loans as a percentage of GDP in the United Kingdom recorded a low-single-digit YoY decline in 2022
Loans as a percentage of GDP in the United Kingdom observed ups and downs between 2017-2020. The Loans as a percentage of GDP recorded a YoY decline in 2019, followed by sharp growth in 2020, and a low-single-digit YoY decline in 2022.
Loan means commercial loans: Commercial lending reflects the value of outstanding loans provided by banks and other financial institutions to organizations for their business purpose. It includes loans to financial and non-financial businesses and public sector enterprises. Loans to unincorporated businesses, governments, and non-residents are excluded. Business borrowing in the form of debt securities such as commercial papers, bonds, and debentures will not be covered in this database.
Five Forces Analysis
The degree of rivalry in the UK retail lending market is strong, with a large number of building societies, banks, credit companies and other lenders competing intensely for market share. The emergence of the financial technology market has birthed a number of digital lenders who are disrupting the market and creating new opportunities for product differentiation, which is increasing competition. The recent COVID-19 outbreak is expected to increase rivalry by having a negative impact on the UK economy and household incomes, affecting people’s ability to apply for mortgages and repay loans.
Competitive Landscape
The UK retail lending market is populated by a number of large multination financial service providers engaged in personal and commercial banking. The largest retail banking providers in the UK include RBS Santander, Barclays, HSBC and Lloyds Banking Group. These banks provide the most mortgage and consumer loans in the country with their scale, customer acquisition and market capitalization giving each of them a significant advantage in the market. In recent years technology has enabled the digitalization of financial services. The UK is one of the leading producers of FinTechs as the financial industry continues to transition towards digital services. Retail lending has been less influenced by the digital world. However, in recent years and increasing number of digital banks are investing in mobile mortgage and personal loan products which hope to contend with traditional lenders by price and customer experience. In response, the UK’s leading banks have invested heavily into the digitalization of their own services and have been successful in transferring customers to its online platforms.
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