LONDON: The Bank of England said net lending to small businesses by banks and building societies taking part in its Funding for Lending Scheme dropped by 400 million pounds in the second quarter of 2014.

Net lending to all businesses fell by 3.9 billion pounds during the period, according to data from the Bank of England on Thursday.

Banks have drawn down a total of 45.7 billion pounds since the FLS opened in August 2012, it said.