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Government meets bank bosses to discuss bonuses

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by Kay Mitchell

Business Secretary Vince Cable and Chancellor George Osborne are meeting with the bosses of the top banks today to discuss the controversial issue of bonuses.

Mr Cable is keen to set a limit on bonuses and a commitment to increase lending to SMEs.

Yesterday, Mr Cable warned banks that the Government will remain determined and not be “bullied”.

Mr Cable said 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.

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 BBA also said that banks understand concerns over pay but highlights that the bonus system is very different this year with many payments being deferred for several years.

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News posted: December 20, 2010

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