Project Merlin

Kiran Stacey

Sitting in the Commons chamber for business questions today, I was startled to hear an apparently frank admission from Vince Cable to a question from Gordon Banks, the shadow business minister.

Other ministers (including the chancellor) have insisted that Project Merlin, the deal between the government and the banks to increase gross lending to businesses, has been a success. But Cable apparently disagreed.

Here is the full exchange: