Like many small business owners, Steve Kaczmarek is vigilant with his banking. The property developer says he has “never missed a beat” with his lender, NatWest.

Even so, this has not stopped the bank sharply increasing the costs of his borrowing. Before the downturn, Mr Kaczmarek paid 2.5 percentage points above base rate and a 1 per cent fee. But on his latest application for a £100,000 loan, the fee was 3.5 per cent and the rate 4 points above the base rate.