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Government to stand firm on bonuses

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by Kay Mitchell

As the bonus payment season draws near, Business Secretary Vince Cable has today warned banks that the Government will remain determined and not be “bullied”.

Mr Cable added that the Coalition Government is in agreement on the subject of bonuses and said it will not be “bullied” by banks threatening to leave the UK as they look to free themselves from stricter regulations – such as the bank levy and bonuses.

Mr Cable told BBC television: “There is a coalition agreement, absolutely clear and explicit, that we have to take robust action on unacceptable bonuses and both parties of the coalition are fully signed up to that.”

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, something which Mr Cable agrees with.

However, the British Bankers’ Association (BBA) continues to argue that British banks should not be put at a competitive disadvantage to rivals outside Europe.

The bosses of the top banks will meet with Mr Cable and Chancellor George Osborne tomorrow.

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News posted: December 19, 2010

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