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PPI: Nick Clegg warns banks over 'unjustified bonuses'

The deputy prime minister Nick Clegg has issued a warning to banks that the government will take action over unjustified bonuses.

During an interview with BBC Radio 4's Today Programme, Mr Clegg revealed that banks will face sanctions if they award excessive remuneration packages to staff.

He said: "Clearly, if the banks pay themselves unjustified bonuses, we reserve the right to take very serious action on that.

"If you abuse the generosity of taxpayers, who have provided a massive infusion of public funds to bail you out, then clearly this government will not be able to stand idly by."

Mr Clegg also refused to rule out the possibility of a further bonus levy, following on from the initial temporary bonus tax which was issued by the previous administration.

The Centre for Economics and Business Research has estimated that bankers are set to earn around £6.8 billion in bonuses during 2010-11.

Posted by Jennifer Haines

ennifer's speciality knowledge is credit card changes and balance transfers ADNFCR-2776-ID-800075315-ADNFCR

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