Project Merlin lacks any magic

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Len McCluskey, Unite general secretary, claims the government has "failed to make progress" in banking reform.

The announcement by the Chancellor is the clearest demonstration yet that this government has failed to make any progress on reforming the banking sector. The top bankers will sleep easy tonight knowing their bumper bonuses will continue to be paid with no threat to their extravagant lifestyles.

We the taxpayer continue to finance the greedy executives while this government continues to cosy up to them in secret negotiations which have no effective outcome. The only change will be that a handful of banking executives will have their lottery pay figures revealed, though nobody will be any the wiser as to who the real top earners are.

In what way will this feeble deal protect the hundreds of thousands of front line staff in our banks and public services who have lost their jobs as a consequence of the total failure to properly regulate the financial services industry?

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