lord oakeshott

Peer Resigns Over Small Business Banking Deal

After yesterday’s announcement by Chancellor George Osbourne that the Project Merlin talks had finally come to a satisfactory conclusion, Lib Dem peer, Lord Oakeshott, stepped down from his place in the front benches. The banking deal, announced after Prime Minister’s Questions yesterday, sees Britain’s "big four" banks increasing lending from £179bn to £190bn with the promise that small business lending will increase (from £66bn to £76bn), bonuses at banks will be restrained and there will be greater transparency in the pay system at the UK’s top financial institutions, some of them seen as being "propped up" by UK taxpayers. However, Lord Oakeshott, the Treasury Spokesman in the House of Lords, branded the deal as "pitiful" and quippe... »