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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!

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