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Banking bonuses set to hit £6 billion this year

It is forecast that banking bonuses in the UK will hit £6 billion this year which is a 50% increase on the 2008 figure despite the fact that billions upon billions of pounds of UK taxpayers money has been used to bail out the sector. Indeed it is forecast that bonuses will rise for the next few years and peak at around £7.5 billion in 2012 much to the disgust of UK taxpayers and the UK government.

The situation is fast running out of control and the UK government has made a number of unsuccessful attempts to rein in potential bonus payments this year. There has been talk of a windfall taxes for the UK banking sector and actions from the regulator for those who are reckless with their bonus arrangements, although up until now the banking industry has taken little notice. Historically the UK government has been able to at least offer a fight against the growing banking industry but of late it seems as though the banking sector has taken control of the UK economy altogether.

Even though the expected £6 billion bonus payments this year are well below the £10.2 billion of 2007, at the peak of the market, this is little consolation to UK taxpayers who are still struggling to meet their everyday bills.

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