Lib Dems object to non-Dom taking over at Lloyds bank
Ron Sandler, who is currently the chairman of government owned Northern Rock, he is one of the favourites to take over from Sir Victor Blank at Lloyds bank although his appointment has caught the attention of opposition parties. It is widely known that Mr Sandler is what is known as a non-Dom which effectively means that his domicile is outside of the UK and he is only taxed by the UK government on his UK earnings.
When you consider that this was a particular area which the Labour Party had targeted some months ago it seems very strange to bring in a non-Dom to look after what is ultimately a majority-owned taxpayer business. So far the Labour government has taken a backward role and remained tight-lipped on the issue, leaving the UKFI, a company set up to manage taxpayer share stakes in UK banks, to vote on behalf of the government.
There was some controversy when Mr Sandler took over as executive chairman at Northern Rock as he was earning around £90,000 a month until a chief executive was appointed, when his salary fell to £350,000 a year. He is expected to be line for a £600,000 a year salary as chairman of Lloyds bank if his candidacy is accepted.
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