I think there's little more to say about Project Merlin - the failed attempt to rein in the banks. The FT says it all:
The big banks have walked away from the accord largely unscathed
What more needs be added to condemn this government?
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I seldom disagree with you, Richard, as you know, but I disagree with you wholeheartedly over a comment about Osborne and the so called Project Merlin you made yesterday.
You said Osborne had been ‘taken for a ride’ by the banks. I’m afraid you are very wide of the mark if your really believe that. I don’t have the slightest doubt that Osborne and his team were willing parties to the deal that’s been reached. Indeed I wouldn’t be surprised if more time was spent discussing how the PR would be handled (the wording of press statements, briefings and the like) than actually making the deal.
Lets be frank about this, the ConDems – once in power – rapidly became (actually for the Tories they resumed) their position as cheerleaders for the financial sector and City. What project Merlin was primarily about was constructing a new narrative about the financial sector – and banks in particular – that could be sold to the UK public in an effort to break the anti-banker narrative that’s prevailed since 2008-9. Whether it’s succesful at doing that remains to be seen. I’d like to doubt it but I’m too cynical nowadays to believe in much that’s positive.
I should add in closing – and confirm that I nearly always agree with you 😉 that your assessment of Danny Alexander is spot on.
@Ivan Horrocks
I strongly suspect you’re right
I’m just too kind 🙂