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Royal Bank of Scotland argues in favour of bonuses

The Royal Bank of Scotland has certainly "set the cat amongst the pigeons" with the revelation that the directors of the Royal Bank of Scotland are keen to retain a bonus and high salary culture for their workers in the short, medium and longer term. Despite the fact that the group is majority owned by the UK government, on behalf of UK taxpayers, it would appear that the management are concerned about losing quality staff if "very restrictive" controls are placed upon the 2009 bonuses awards.

This attitude will dismay many UK taxpayers who are struggling to survive and cover their own costs while being asked to bail out the UK banking system to the tune of hundreds of billions of pounds. Not only has the government poured hundreds of billions of pounds into the sector but in the medium to longer term we will see a significant rise in taxes to fill the black hole left in the UK balance sheet. It would appear that the me, me, me attitude of the UK banking sector is still very much intact and despite promises from the UK government and UK regulators, there appears very little that they can actually do about it.

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