A council that had hoped to create a fully-fledged community bank that would be an ‘inspiration' to other local authorities has suspended lending.

Bournemouth BC had initially said there had been a ‘hugely positive reception from the community' and reported a ‘steady stream of enquiries' to the council-owned company, which was launched last year to provide accessible mortgages for first-time buyers, as well as loans to small and start-up businesses.