Six UK banks have announced they are to form a taskforce to help increase lending to businesses.

British Bankers' Association boss Stephen Green - who is also chairman of HSBC - outlined the plans in a letter to chancellor George Osborne.

In his letter Mr Green said there was a "need to make sure that viable businesses are able to obtain the finance they need to support the recovery of the UK economy".

Many high street banks recently announced bumper profits for the first half of the year and have been criticised for not lending to small and medium-sized companies.

The taskforce's findings will be presented to Mr Osborne in October.