Banks sign up to lending scheme

Four of the UK's biggest banks have signed up to an "ambitious" lending scheme unveiled by the Treasury to unclog the flow of credit to businesses.

The National Loan Guarantee Scheme (NLGS) will see up to £20 billion of guarantees on unsecured borrowing by Barclays, Royal Bank of Scotland, Lloyds and Santander, which will be able to take advantage of the low rates currently enjoyed by the Government.