Alistair Darling promises laws to curb bonuses
Now that the Financial Services Authority (FSA) has been hung out to dry by the UK government, Alistair Darling has now stepped up to the mark, again, suggesting that he will impose laws to curb bonuses and remuneration packages within the UK banking sector. Unfortunately, this is a line we have heard time and time again from the Chancellor and it is one which grows ever weaker in power each time it is repeated.
The truth is that the UK government had partnered with the FSA to hit the UK banking sector very hard in the pocket only to find ultimately it was no easy task and may well end in failure. The UK government had the perfect opportunity to introduce new contracts to the banking industry when it agreed to use taxpayer's money to bail out individual banks and the monetary system as a whole.
If this opportunity had been taken, as we were led to believe it had, we would not be in this situation today and would not be looking at a Christmas bonus season which is certain to hit the headlines. In the long term we will see the buck being passed from party to party and the blame game has already begun even though the endgame has not been reached!
Share this..
Related stories
UK pensions sector in serious trouble
Aside from the fact that UK public sector pension schemes are in disarray, and allegedly looking towards a £50 billion deficit, there are serious concerns about the rest of the UK population. A number of surveys over the last few months have highlighted the fact that only 50% of the UK population are actually making adequate pension fund contributions for their later life. But this is not the onl...
Read MoreCadbury receives £10 billion takeover offer
The UK stock market came alive this morning with news that Kraft Foods Inc of the US has launched a £10.2 billion takeover offer for UK giant Cadbury. While the initial offer, a mixture of cash and Kraft Foods shares, has been rebuffed there is a feeling within the city that further offers could materialise from other third parties and indeed Kraft Foods could come back with a higher offer. So is...
Read MoreUK government attacks bereaved families
The loss of a loved one can be a heavy burden for anybody to carry in the UK and finance is unlikely to be the first thing on your mind. However the UK government has increased the fine for late payment of inheritance tax to 3% from next month. Some people may be aware that inheritance tax payments are due to be paid within six months of the person's death even though in some cases it can take lon...
Read MoreG20 leaders promise $1.1 trillion of additional finance
The G20 summit in London surprised many with confirmation that a $1.1 trillion rescue package will be made available in the short to medium term. Interestingly, G20 members have agreed to make additional finance available to the International Monetary Fund which will now have around $750 billion to "play with". There is also $250 billion of emergency aid available to emerging countries, an extra $...
Read MoreAre UK public sector finances really that bad?
As the UK economy comes under yet more pressure from the OECD and various other economic forecasters, many are starting to wonder whether the UK public finances really are as bad as people say. This is not the first time that the UK government has come under pressure regarding excessive spending although it is the first time that the OECD has fairly and squarely laid the blame at the door of the g...
Read More