Project Merlin is even weaker on pay than it is on tax and lending:
Following these discussions, the four banks confirm that the aggregate 2010 bonus pool (including deferrals) for their UK-based staff will be lower than that of 2009.
For all practical purposes that is their commitment.
To say Osborne has been taken for a ride is to massively understate the case.
The banks have taken him and us to the cleaners, again.