Published by Mark Smith-HalvorsenHomeowners and businesses are being warned that the UK economy may suffer a second credit crunch.A number of economists and mortgage finance experts have expressed concern that in January next year, banks will once more restrict lending to mortgagees and small businesses as they struggle to meet their obligation to repay funds handed out at the height of the 2007 credit crunch.The Telegraph reports that collectively banks owe £319 billion in government loans, equivalent to one-quarter of the total UK housing stock."The prospect of a fresh mortgage credit squeeze later this year or during 2011 hardly inspires confidence in the durability of the housing market recovery," commented Capital Economics.While homeowners may once more be shut out of the mortgage market, small businesses may also suffer as they struggle to find finance to cover essential costs and make international payments to cover imports.In the nearer term, economists are predicting that upcoming data from the Office for National Statistics will show inflation running at around four per cent, 100 basis points above the target threshold.For more information on international payments, visit our Smart FX site