Banks agree Project Merlin lending and bonus deal

A long-awaited agreement with the largest UK banks on lending, bonuses and transparency has been announced by the government.

Under Project Merlin, banks will lend about £190bn to businesses this year - including £76bn to small firms - and reveal salary details of top earners.

The Chancellor, George Osborne told the House of Commons it was time for Britain to move "from retribution to recovery".

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