George Osborne is racing against time in the effort to persuade Britain's five leading banks to sign up to a deal to bolster lending to struggling small businesses ahead of next week's bank reporting season.
After weeks of tough negotiations, the Treasury and the banks are still working on the small print of an agreement to link the pay of top bankers to their support for the UK's faltering economic recovery.
The UK's leading lenders had been braced for the chancellor to unveil the details at his first Commons battle with the new shadow chancellor Ed Balls on Tuesday, but expectations are fading that a deal could be clinched in time.
Sources in Whitehall and the City said a broad agreement on the so-called Project Merlin talks had been reached for the leading banks to lend
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