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Could bankers use the human rights act to protect their remuneration?

While it seems that Alistair Darling has finally cracked the nut which is the UK banking industry's remuneration and bonus system, there are concerns this evening that the headlines of today are in effect worthless. A number of bankers up and down the UK are looking towards such protections as the human rights act amid concerns that the sector is being victimised and high earners are top of the government's hit list.

The human rights act has been used on numerous occasions in the past to protect private information from the public domain and many legal experts believe there is a case to answer with regards to the UK government's relentless pursuit of the sector. Victimisation, harassment and other such terms spring to mind when you consider the media witch-hunt which has followed the likes of Sir Fred Goodwin and other high-profile financial figures.

However, in reality Alistair Darling is well aware that promises made today regarding remuneration and bonuses are unlikely to be upheld in the short, medium and longer term but the need to be seen by voters to be doing "the right thing" ahead of an election is more important. Have the government and the financial sector come to a "cosy" agreement which will see short-term pain in the sector but medium to longer term gain? Are the dogs about to be called off?

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