FOR IMMEDIATE RELEASE
London, UK, 22nd September, 2010: Business Secretary Vince Cable has warned banks they could face further taxes if they award excessive bonuses to staff.
A bank levy which could raise around £8 billion over four years is already set to come into force next January but Mr Cable has suggested that financial institutions could face further hits to their balance sheets.
During an interview with BBC television, he claimed bankers should not be rewarded with “outrageously” large bonuses while others suffer during the financial crisis.
He said: “If banks are saying to us they have got lots of money to spread out on bonuses and indeed dividend payments at a time when they are constricting credit to small and medium enterprises, then the government may have to use some form of taxation to change their behaviour.”
Mr Cable confirmed the government could introduce sanctions and demand greater transparency from firms, in conjunction with taxation, to help regulate the financial system.
“The banks might face the heat in paying heavy bonuses to their top management as government has threatened to levy heavy taxes on them” says financial analyst Jennifer Haines who is a seasoned financial analyst and specialises in credit card changes and balance transfers. She works as a financial analyst for PPI Claim Company.co.uk.
“It was quite necessary to clamp the banks from paying huge bonuses to their top management as amidst the continuing financial crisis the same banks looked towards the government for a bail out.”
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