George Osborne will in the next hour announce details of the agreement reached between him and the banks wrt bonuses, lending, behaviour etc (aka Project Merlin).
It is predicted that the top five banks will increase available loans to businesses by around £190BN.
The banks will also pay lower bonuses in 2010, and disclose the pay of their respective top five executives.
Doubtless the bonuses will be lower, but will there be compensation for lower bonuses in the shape of other incentives eg options?
Reality and politicians promises are often far apart.
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