Despite strong government warnings, the bailed-out investment bankers from Royal Bank of Scotland are set to receive £1billion of bonuses ignoring officials demanding the bank restrain itself. The outrageous hand-outs that have been called ‘scandalous’ has left Business Secretary Vince Cable fuming who has been forced to issue an explicit threat from the Coalition of a new supertax.
With concerns growing that City hand-outs will reach up to £7billion over the next few weeks Mr Cable wants to enforce new transparency policies if the banks refuse to knock down their bonuses.
Decision making talks are being held today between the Business Secretary, Chancellor George Osborne and heads of leading banks. It’s thought RBS, which is owned 84 per cent by the taxpayer will make a final decision at the end of January.
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