Britain gets banks to agree on £10 billion boost to SMEs

City of London

British banks have agreed to pledge a further £10 billion ($16 billion) towards small- and medium-sized enterprises (SMEs) in a bid to boost lending to the sector.

George Osborne, the UK's chancellor of the exchequer, on Wednesday said Britain's four major banks – Barclays, HSBC, Lloyds Banking Group, and Royal Bank of Scotland – and Bank Santander had agreed to make available a further £10 billion worth of funds to lend to SMEs this year to £76 billion, from £66 billion last year.

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