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Bank charges news: RBS chief turns down bonus

Royal Bank of Scotland chief Stephen Hester has turned down his annual bonus which would have amounted to nearly £1 million, after he came under huge pressure from the public.

Mr Hester had been in line to receive 3.6 million shares in the bank, but news of his sizeable perks caused widespread outrage.

Many MPs had been angry that prime minister David Cameron was seemingly allowing the bonus to be paid, despite insisting recently that bankers would not be receiving disproportionate rewards this year.

Labour leader Ed Miliband believes that Mr Hester has "done the right thing", although he slammed Mr Cameron, calling him "feeble" and "out of touch".

"We need a government that will tax bankers' bonuses and bring responsibility to the boardroom," he added.

Last week, governor of the Bank of England Sir Mervyn King called for bankers' perks to be culled, as the UK's economy is facing a "long, arduous and uneven" road to economic recovery in 2012.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801277772-ADNFCR

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