Bank lawyers are making loan agreements unnecessarily complex, leading to delays that are preventing growth, says the managing director of City Cruises.

Rita Beckwith hit out at the rising bureaucracy this week after her River Thames sight-seeing firm's expansion plans were almost derailed by the legalese now used in loan contracts.Her concerns were backed by Royal Bank of Scotland, which said it would take action. City Cruises, which has an £11m annual turnover and runs 15 boats on the Thames, wanted to order London's first 600-seat vessel ahead of the Olympics. Mrs Beckwith told an audience at a British Bankers' Association "Better Business Finance" roadshow that, while her existing funders, Lombard, came up with the best rate for the boat's £3.75m price-tag, the overall cost of the deal was high and the contract negotiations tortuous.....Read more HERE