Project Merlin

Project Merlin is an agreement between the British Government of David Cameron and four of the major high street banks in the United Kingdom.

Under the agreement banks will lend about £190bn to businesses during 2011 - including £76bn to small firms - curb bonuses and reveal some salary details of their top earners.

[4] One of those to welcome the deal was Angela Knight, chief executive of the British Bankers' Association, who said, "This is an unprecedented set of statements from Britain’s big four lending banks.

But the Engineering Employers Federation, the trade body which represents manufacturers in the United Kingdom said, "Industry will feel today’s statement on Bank lending did not go nearly far enough.

"[4] Ed Balls, the Shadow Chancellor, criticised the deal as "toothless" and suggested that it contained a "clear get-out clause which allows the banks to do whatever they wish to enhance the interests of their shareholders.".