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Economics

Cameron Said to Switch U.K. Bank Focus From Bonuses

David Cameron’s government has switched its focus in talks with U.K. banks to boosting business lending from cutting pay, officials familiar with the situation said, marking a retreat from public statements last year.

The two government officials, who declined to be identified because the talks are private, said yesterday ministers recognized that, however much banks cut bonuses, voters are still likely to view bankers’ pay as too high. They said increases in lending might lead to faster economic growth, boosting the government’s popularity.