Changing times and tax climes
The lay press has worked itself into a communal frenzy on this topic, and it is certainly a message that voters can understand. “We (i.e. YOU) gave banks lots of money to save them”, followed by “And now they are paying themselves millions in bonuses”.
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The Bottom Line:If Mr Cable has his way...
"If Mr Cable had his way, all the big banks would be broken up and bonuses would be virtually eliminated - a sure-fire way in my view of guaranteeing an end to the UK’s ability to compete as an international financial centre. Let’s not forget that this is a man who is on record as saying that everyone who works in a bank has an ‘aristocratic lifestyle’ clearly demonstrating his lack of understanding of the sector." A tough line on bankers’ bonuses could make a brain drain of financial talent a distinct possibility, warns Paul Marsden. Read more