Tuesday, February 15, 2011

Britain’s Bankers Given a Free Rein by Government’s 'Project Merlin'

The manoeuvres by the Conservative/Liberal Democrat government with the banks express the cynicism and contempt towards working people characteristic of the ruling elite throughout the financial crisis.

Last week, the government unveiled Project Merlin—the outcome of four months of negotiations between government officials, bankers and legal advisers over bonuses and lending. To much fanfare, it was announced that banks would make available some £190 billion to small businesses, increase their contribution to the Business Growth Fund by £1 billion, and provide an additional £200 million to the government’s Big Society Bank, aimed at encouraging the voluntary sector to take over public services.'


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