Gorgeous George has been accused of a surrender over banking bonuses today as it emerged that a staggering £7 billion is set to be paid out this year. City insiders say banks are ready to snub the coalition's appeal for payment restraint as the new bonus season gets under way.
The Chancellor has been accused of “sitting back and doing nothing” while campaigners stepped up calls for a “Robin Hood tax” to punish bankers. Treasury sources have denied a BBC report that the he was resigned to the prospect of embarrassingly large payouts.
They said talks with the banks on bonuses and the need to revive lending to small firms was still going on, but it was said that salaries have shot up 40% in some cases, to compensate for slightly less generous bonuses.
Why am I not surprised?
More at TES.
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