Official figures going back to 1963 show that bank lending has NEVER stopped increasing.
Lowest: 1.1% annualised, for the quarter ending 31 December 1966.
Highest: 44.9% annualised, for the quarter ending 30 June 1972.
Is it my imagination, or does the graph spike regularly before stockmarket crashes and recessions?
Original BoE data here.
In the late 60s, my school magazine carried a major bank's advert, for 16-year-old school leavers to join them. I aimed at a degree instead. Perhaps I'd have chosen differently if the ad had read "39 thieves looking to recruit trainee".