Following an investigation by the BBC into businesses that had allegedly been “ruined” by the actions of management consultants recommended by the bank, Liberal Democrat Treasury spokesman, Vince Cable, said: “If half of what I hear is true this is a very, very serious matter.”

The BBC programme found that a number of firms were required to employ consultants Quayside Corporate Services as a condition for getting a loan, many of these firms have complained that they became even more indebted once the consultants got involved.

Although HBOS, and the management consultants, have strongly denied any wrongdoing, Lloyds Banking Group has been criticised for not investigating business customers’ complaints properly.

Between 2002 and 2007, it is said that loans from the high risk unit of HBOS led to losses at the bank totalling £250 million.