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Is Barclays bank set to issue massive pay rises?

Barclays bank is rumoured to be on the verge of announcing pay rises for staff at Barclays Capital which could see some investment bankers receiving a pay rise of around 150%. In a move which is sure to attract the attention of regulators and the government, although a move which Barclays has so far denied, it would appear this is the way in which many banking giants will attempt to avoid the banking bonus tax.

While there will be much condemnation in the press, if the rumours are correct, the truth is that Barclays is a private company which has received no direct government assistance over the last two years and is free to do whatever it decides. The fact that the banking sector itself has received billions upon billions of pounds of taxpayer's money, predominantly via the quantitative easing program, is a factor which many people continue to discuss but in reality was introduced to help a small number of troubled banks.

The choice is stark for the UK government, does it continue to push ahead and introduce further taxes for the investment industry, possibly alienating more companies who may move overseas, or is enough, enough?

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