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We need to know the details of the Project Merlin deal

Chancellor George Osborne has reached a deal with major banks to raise business lending by £10bn this year.

Osborne says Project Merlin, which involved discussions with Santander, HSBC, Royal Bank of Scotland and Lloyds Banking Group, will mean £76bn of small and medium-sized enterprise lending.

That represents an increase from £66bn in 2010 and Osborne says this is higher than banks were planning on their own.

What are the details of this supposed deal and what are the banks getting in return? What will happen to banks that fail to meet these agreed lending quotas?

What about a deal on residential lending with penalties imposed on banks who don’t meet agreed lending targets?

Any anger and retribution is borne out of the complacency of banks, particularly those under government ownership and the failure of subsequent governments to act.

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