Britain’s biggest banks will be offered £4 billion by Europe today to lend to small and medium-sized businesses, in a move that will restrict their ability to impose punitive interest rates.

The banks, including Royal Bank of Scotland, HBOS, Lloyds TSB, HSBC and Barclays, will receive the money only if they agree to tight parameters set by the European Investment Bank (EIB) on how it is handed out. There is widespread political anger that banks are forcing businesses to renegotiate loans on harsher terms when they come up for renewal, despite large cash injections from government.

Europe puts tight controls on £4bn bank offer Times Online, UK - 37 minutes ago At the same time the Prime Minister pledged to take action against companies that force people out of their homes for trivial amounts of credit card debt . …

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