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PPI Claim News - 7/12/2009

PPI Claim: Bankers up in arms over windfall tax threat

Bankers have reacted angrily to the suggestion that their bonuses might be reduced with a government windfall tax.

Highly-paid bank bosses had expected to be able to take home thousands this Christmas, but that has been thrown into doubt by chancellor of the exchequer Alistair Darling, who is considering measures to tax bonuses.

These include a potential windfall tax on bonus payments, similar to a levy imposed by Margaret Thatcher in 1981 on bank profits.

The British Bankers' Association has rejected this idea, with its chief executive Angela Knight describing it as "populist, political and penal" according to the BBC.

She said the move could see business shift away from the UK, adding: "We have already seen quite a few companies shift out of the UK. It might be popular to put very high taxes on a few [bankers], but we need to know how we would look internationally."

The Royal Bank of Scotland, which is majority-owned by taxpayers, had planned to pay out more than £1.5 billion to senior staff this Christmas.

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