Rise in number of £1m loans

Wed 29 Aug 2007

BRITAIN'S borrowing culture is now so powerful it has sparked the arrival of the £1 million "jumbo" bank loan, it was revealed yesterday. The private bank Investec reported a 200 per cent rise in such loans in the first five months of the year, mainly to executives who need the cash quickly but cannot take it out on their mortgages.

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