Evening Wrap: today's top business stories

News stories from around the web.

New Statesman

Shale gas find raises hopes UK can replicate US energy boom (FT)

One of the energy companies with shale gas licences in the UK has vastly increased its estimate for the amount of gas it is sitting on, enhancing optimism about Britain’s fledgling shale prospects.

IGas says there may be up to 170tn cubic feet of gas in its licence area – enough to meet the UK’s needs for about 60 years. It previously said it had 9 tcf of gas in place.

UK Funding for Lending Scheme fails to spur credit creation (FT)

The government’s flagship scheme to spur lending to businesses and households has failed to kick-start credit creation, with figures from the Bank of England showing that the outstanding volume of loans to British customers fell for the second consecutive quarter.

Lloyds and RBS cut lending to UK economy by £2.6bn in first quarter (Telegraph)

The Royal Bank of Scotland and Lloyds Banking Group cut lending to the economy by £2.6bn in the first three months of the year, as the two state-backed lenders shunned a Government scheme to boost loans to small and medium sized businesses.

Bank loans to business fall again despite Funding for Lending (BBC)

UK bank lending has continued to fall, despite government attempts to reverse the trend through its Funding for Lending Scheme (FLS).

Ed Balls: Labour would axe wealthy pensioners' fuel cash (BBC)

Labour would cut winter fuel payments for the UK's richer older people if they won the next general election, shadow chancellor Ed Balls has said.