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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/02/lib-dem-quits-in-banker-bonus-row.jpg"><img class="alignnone size-full" title="Chief Secretary to the Treasury Danny Alexander announced Lord Oakeshott has left his post" src="http://londonglossy.com/wp-content/uploads/2011/02/min-lib-dem-quits-in-banker-bonus-row.jpg" alt="Chief Secretary to the Treasury Danny Alexander announced Lord Oakeshott has left his post"/></a></p>
<p>The Liberal Democrats&#8217; Treasury spokesman in the House of Lords has stepped down after criticising the Government&#8217;s deal with the banks.</p>
<p>Lord Oakeshott has given up the role &#8220;by mutual agreement&#8221;, Lib Dem Chief Secretary to the Treasury Danny Alexander said.</p>
<p>He earlier branded the Treasury&#8217;s long-awaited deal with the banks on reducing bonuses and increasing lending, as &#8220;pitiful&#8221;.</p>
<p>Mr Alexander said Lord Oakeshott had felt &#8220;unable to support&#8221; the Government&#8217;s arrangement with the banks.</p>
<p>&#8220;As a result he&#8217;s no longer a Treasury spokesman in the House of Lords by mutual agreement,&#8221; he said. &#8220;I think that&#8217;s the right decision.&#8221;</p>
<p>In highly critical remarks after the results of Project Merlin were announced to the Commons earlier, Lord Oakeshott told BBC News: &#8220;If this is robust action on bank bonuses then my name&#8217;s Bob Diamond (the chief executive of Barclays)&#8221;.</p>
<p>Mr Alexander said: &#8220;His name clearly isn&#8217;t Bob Diamond and those comments are completely wrong.&#8221;</p>
<p>Pressed as to whether the peer had been sacked, the Treasury Chief Secretary added: &#8220;As I said, he&#8217;s left by mutual agreement.&#8221;</p>
<p>The Lib Dems said Lord Oakeshott had held no formal role with the party since last May&#8217;s general election. However, he did attend the party&#8217;s backbench Treasury committee and has spoken in an informal capacity for the party.</p>
<p>&#8220;He attends the committee and has been speaking in an informal role as a Treasury spokesperson,&#8221; a party spokesman said. He added that Lord Oakeshott had not been sacked as &#8220;there is no post from which he could be sacked&#8221; but &#8220;it has been agreed he no longer speaks for us on Treasury matters&#8221;.</p>
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