George Osborne has announced:
- the Government is to consult next week on the new regulatory structure;
- the remuneration deals it has struck with banks. This means that the salaries of at least seven individuals at the UK’s biggest four banks must be disclosed, and the Government will consult on whether to make it a mandatory requirement from 2012 on all large UK banks to publish the pay of both the board and the eight highest paid senior executive officers. He also outlined the level of maximum bonus for certain bank staff and the way in which the bonuses can be taken;
- the extra money the newly raised bank levy will bring; and
- a new commitment to lending generally, and by the four major banks to an additional £1billion for the Business Growth Fund and an additional £200 million to capitalise the Big Society Bank.
Treasury published the banks' statement on lending, taxation, pay and related matters and the Government's response letter. (Source: 16/11, 17/11, Letters, Project Merlin – Banks' statement and Project Merlin – Government statement)