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"The budget failed to take responsibility for the level of lending by banks," he said.
It was an increase of 17% on 2013's figure of £176bn and the highest level of lending since 2008.
In other words, what we'd like to know is what level of lending we'd expect to see, given certain economic conditions and a certain level of borrower creditworthiness.
China already buys billions of euros worth of European debt each month, but that level of lending has done little to ease the euro zone's crisis.
"My guiding principle is that the party chooses a level of lending and money supply growth that it thinks will support its desired pace of G.D.P. growth, and I think that is about 9 percent," he said.
"This will promote a more sensible level of lending although profits will be less," said Daniel Whitlock, a Dubai-based investment manager at Elysian, a global property brokerage and consulting company.
Similar(50)
Some MPC members said they were concerned whether QE would have any further impact on levels of lending.
The low levels of lending are very bad news for mortgage brokers.
"The difference in levels of lending immediately pre and post financial crisis is as shocking as it is dramatic.
"Current levels of lending to impoverished countries threaten to recreate debt crises," warns Jubilee's policy officer Tim Jones.
"Increased levels of lending would boost the market, so with 100 lenders invited to participate, there should be better rates and more choice of deals.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com