George Osborne has taken a bashing this morning following his decision to fork out another £140 billion to the banks. The Institute of Directors warned that Funding for Lending will do nothing to make businesses want to borrow, noting that the move fails whatsoever to address fears over the Eurozone crisis.

The Institute of Economic Affairs were particularly damning, chastising the Chancellor for getting into a “terrible muddle” over banking policy and suggesting that “the left hand of the Treasury does not seem to know what the right hand is doing”. They highlight the fundamental contradiction between FSA regulation reducing the flow of funds to borrowers while the government subsidises lending from the very same banks. That GCSE maths textbook might come in handy.

Meanwhile Ed Balls backed the plans, saying “I welcome any action”. Says it all really…

There’s good news for Trinity Mirror employees today as bonus-happy boss Sly Bailey leaves the company.

She was expected to stay until the end of the year but has had her bags packed six months earlier than expected.

During her highly paid reign the share price slumped some 96% from their height in 2005.

Guido imagines there will be big drinks in the watering holes of Canary Wharf this lunch time…

While digging on another story Guido stumbled upon this gem on the Labour website: party members can now take out a Labour credit card courtesy of the Co-operative Bank. They maxed out the country’s credit card etcetera…

UPDATE: Guido imagines it looks something like this:

Pic via conorburns.com

Anne Widdicombe tells Gransnet…

“…Your son would not gain anything from civil marriage that he does not already have in a civil partnership. But under the proposals, your daughter would lose the right to describe herself, legally, as a wife.”

The Treasury’s £100bn bung of cheap loans to business is meant to install confidence in the economy. Previous similar actions on a smaller scale has not worked and no number is given for the expected take up. Asked on Today what will happen if this does not work, Treasury minister Mark Hoban said “we need to make this work!” Just the sort of language to inspire that much sought after confidence…