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Bank charges news: Government to reign in bonuses

People who have been hit with excessive bank charges in the past have learned that the UK government is planning to reign in the bonuses received by fat cat bankers.

Prime minister David Cameron revealed yesterday (January 19th) that banks that are part-owned by the state as a result of bail-out efforts would be limited in the amount of perks they can offer to their senior staff.

Mr Cameron stated that cash bonuses at the Royal Bank of Scotland and Lloyds Banking Group would be restricted to £2,000.

This move comes shortly before bonus payments for 2011 are set to be announced and many fed-up taxpayers will be watching closely to see how much bankers receive.

"If there is a bonus [at RBS] it will be a lot less than it was last year," the prime minister insisted.

In his New Year address earlier this month, Mr Cameron pledged to curb the excessive bonus culture that has caused so much resentment towards the financial services sector.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801270002-ADNFCR



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