The Bank of England has launched a crackdown on buy-to-let mortgages as it braces for a wave of defaults in the face of the recession. Threadneedle Street has warned banks that it intends to scrutinise risky areas more heavily given rising interest rates and a surge in inflation. Lending to landlords and small businesses is to face greater oversight, as well as borrowing on credit cards. Bank of England official David Bailey ordered lenders to be “ready for a prolonged period of credit...