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PPI Claim News - 25/3/2010

Bank claims: Bonuses could be cut if lending targets missed

Bank bonuses could be cut at state-funded banks RBS and Lloyds Banking Group if new lending targets are not met, the chancellor of the exchequer has warned.

Alistair Darling revealed as part of his Budget announcement that RBS is expected to lend £50 billion to businesses over the next year, while Lloyds must provide loans of £44 billion.

If the banks in question fail to hit those targets then bonuses for the 2010-11 year will be significantly cut, the chancellor warned.

In the event that banks fail to meet their lending commitments, the Budget stated: "The government will inform UK Financial Investments which will work with the remuneration committees of the relevant banks to determine the appropriate consequences of the breach of the year two commitments."

Mr Darling noted in his speech how the tax on bank bonuses has already raised £2 billion for the government, twice as much as had been anticipated.

He explained that this money would be pumped into a £2.5 billion package to stimulate growth in the economy.

For free advice on how to make a PPI ClaimPayment Protection Insurance claim or a credit card charges claim then call Belmont Thornton on 0845 526 0000 or fill in the Quick Claim form to be sent a free PPI Claim pack or credit card charges claim pack.

Jennifer Haines
Jennifer's speciality knowledge is credit card changes and balance transfers.ADNFCR-2776-ID-19689425-ADNFCR

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