Barclays Bank set to payout £600 million in bonuses
Hot on the heels of the £1 billion bonus package being discussed by the directors of Royal Bank of Scotland it has been revealed that Barclays is on the verge of a paying out £600 million in bonuses. While Barclays bank does not need authorisation from UK government, as it did not take part in the initial banking sector bailout, the company has benefited from hundreds of millions of pounds of Bank of England funding in relation to the purchase of toxic assets. This brings the total of banking bonuses due over the coming weeks to over £2 billion.
This is turning into a seriously embarrassing situation for the UK government as they appear unable to control the flow of money from banks which have been saved by the UK taxpayer. The potential backlash from UK voters is already in evidence and Gordon Brown has seen his political standing reduced over the last few days. This would appear to be a situation which is totally out of control and Alistair Darling's review into banking bonuses and remuneration is neither here nor there.
This perfectly illustrates the arrogance of the banking sector, which would probably have collapsed had it not been for the billions of pounds of taxpayer's money poured into the system.
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