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PPI: UK banks must resist self indulgent bonuses, says Cable

UK banks must resist the temptation to award staff members self indulgent bonuses, according to business secretary Vince Cable.

Last week (October 20th), the Chancellor George Osborne revealed that lenders would be subject to a levy in order to reduce the risk of another financial crisis.

"No one listening to the Chancellor's statement last week will be under any doubt of the government's collective determination to ensure that banks act in the interests of the wider economy - and that, in the new year, they must not engage in another self-indulgent bonus round," Mr Cable said.

He also added that firms should aim to invest in the long-term and claimed firms should have a wider choice of banking partners.

"So in five years' time we would like a much broader choice for businesses," he said.

"More banks who understand SME [small and medium-sized enterprise] finance. More non-bank sources of finance. More use of equity. More specialist knowledge of sectors."

Posted by Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers. ADNFCR-2776-ID-800156304-ADNFCR



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