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Another day another U-turn on bank bonuses!

Despite the fact that the UK government has continued to attack the UK financial sector with salaries and bonuses in particular coming under significant pressure, Lord Mandelson has today signalled a possible U-turn by the authorities. Yesterday we saw Royal Bank of Scotland directors suggest that if the government rejected a potential £1.5 billion bonus pot for the current year then the directors of the company would need to consider their positions within the group.

It is alleged that Royal Bank of Scotland directors have taken legal advice and been "advised" to resign if the UK government rejects the bonus package put forward and does not allow the company to operate on a "commercial basis". The water is becoming even murkier with regards to bank salaries and bank bonuses with the UK government performing a number of U-turns which have confused the financial markets and consumers alike. Lord Mandelson's comments today would appear to suggest there is another U-turn on the way although we will need to see exactly what happens in due course.

If there is one thing which financial markets and money markets detest it is uncertainty, something they have seen in "bucket loads" over the last few months!

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