A deal announced this week between the British Government and British banks will limit bankers' bonuses and raise the minimum big banks should lend to business in 2011.Chancellor of the Exchequer George Osborne said the deal would see the big banks "pay more taxes, pay less bonuses [and] be more transparent about the bonuses they do pay."The announcement from the centre-right government underlines the public's desire for tougher restrictions on the major British banks.Earlier this week, the UK government also raised and made permanent its £2.5 billion levy on bank profits."In each and every year of this government we will raise more in bank taxes than the previous government raised in any year," Osborne said.He boasted the four major British banks had "agreed that total bonuses for their UK-based staff will be lower than last year - and lower than they would have been without today's settlement."Staff at Royal Bank of Scotland and Lloyds, both part-owned by the government, will have cash bonuses limited to £2000 this year, and executive directors will have to take their bonuses entirely in shares. Total bonuses will be lower than last year.The four biggest British banks - RBS, Lloyds, HSBC and Barclays - along with Spanish bank Santander will also have to make available £190 billion worth of credit to business in 2011. The funds will be offered on "commercial terms", however, which means they will not necessarily have to be lent at all.New pay disclosure rules are being introduced as well."The anger at the terrible mistakes of the banking industry, and the failure of those who regulated it, will long remain - and rightly so," Osborne said. But he added that "Britain needs to move from retribution to recovery".