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Banks understood to be cutting bonus payments

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by Kay Mitchell

A report by the BBC has revealed that Britain’s biggest banks are understood to be in talks about reducing the amount they receive in bonuses.

Bonuses have been a major issue for some time now and have sparked public outrage since many argued that excessive bankers’ bonuses reward the risk-taking culture that led to the financial crisis.

Leading think tank, the Centre for Economics and Business Research (CEBR), recently unveiled City bankers will be in receipt of a bonus pot of £7.3 billion this year.

However, the BBC has suggested that this figure could be cut to around £4 billion – an amount which will still attract some criticism.

Business Secretary Vince Cable has already said banks could face higher taxes if they reward themselves “outrageously large” bonuses.

Deputy Prime Minister Nick Clegg added that ministers would not stand “idly by” if banks awarded its staff hefty payouts after being bailed out by the taxpayer.

The controversial issue of bonuses is particularly attracting criticism currently as banks continue to pay bonuses while the public sector is faced with savage cuts, as the Government attempts to bring down the budget deficit.

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News posted: November 15, 2010

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