King attacks banks' 'heart-breaking' treatment of SMEs

He told the Treasury Select Committee existing lending agreements between the Government and banks were "not effective" because they set targets for gross lending, whereas "what matters is net lending". In an evidence session to MPs. King revealed his frustration with banks which were failing to support economy growth, calling bankers' claims there was no demand for credit "not an adequate response".  He said: "I meet many people who run small and medium-sized enterprises and the thing that really makes them angry is, having built up a business often over several generations and had t...