Lending hits record high

mortgage lending was at record levels last month as the market continued to be driven by remortgaging. Total mortgage lending was £21.5bn during May, while credit card lending reached a new high of £506m. The Council of Mortgage Lenders said the strong rise in home loans was pushed by people remortgaging to take advantage of low rates, with this accounting for 51 per cent of total lending.

AIR VIEWS: A business networking event organised by the North-East Chamber of Commerce is to be used to canvass the views of members and businesses within the Sunderland community. It will take place on Thursday, July 3 at 5pm at Doxford Park, Business Network Sunderland. To register call 0191-386 1133.

CLEAN AWARD: Ward Hadaway has been presented with the gold Tidy Business Standard, in recognition of its efforts to care for the local environment. The award is given to companies that contain and manage their waste responsibly, as well as taking steps to reduce waste, recycle and keep the surrounding area clean, tidy and attractive. Only four other North-East companies have received the award.

TOUGH TIMES: Staff at VAI UK, which has a base in Stockton, have been told that tough trading times are ahead unless new markets can be found. Managing director Roy Tazzyman told a staff information day that 2002 was the best year for order intake and profitability since the company was established in 1995. But 2003 would be more challenging, he warned, with margins under pressure particularly in the rolling mills and process lines side of the business. Although VAI has been particularly successful in China in recent years, he felt the boom years were coming to an end.

ACCOUNTANTS GROUP: A group for chartered accountants working as interim managers is hoping to recruit members in the region. The Institute of Chartered Accountants in England & Wales has launched the Interim Management Group in response to the increasing number of it members operating in the sector. Nationally it is estimated that about 3,000 chartered accountants are fulfilling an interim management role. For more information contact Charmaine D'Souza on 020 7920 8504.