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Alistair Darling in trouble over RBS bonus scheme

The Chancellor Alistair Darling is today at the centre of a political storm with suggestions that his review of the UK banking sector and remuneration packages is nothing but a publicity stunt. This comes a time when the Royal Bank of Scotland is in the process of paying out over £1 billion in bonuses to staff even though the company is soon to announce record losses and was bailed out to tune of £20 billion by UK taxpayers.

The company claims it is legally obliged to pay these bonuses as they are written into various employment contracts across the company. As we covered on one of our recent post, they have indicated that no one person will receive a bonus of over £25,000 but this has done nothing to calm the political storm surrounding the bonus scheme. The opposition parties across the UK have been quick to point out that the UK government did not introduce strict conditions for the first banking bailout and it looks like nothing has been done for part two.

Taxpayers across the UK are struggling to make ends meet and now see their funding used to pay bonuses to members of staff who would have no employment if it was not for the taxpayer led bailout.

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