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Stephen Hester to wave his £1.6 million bonus

Stephen Hester, the chief executive of Royal Bank of Scotland, is reportedly set to wave his £1.6 million bonus only hours after rumours began circulating that he would be accepting the payment. While nothing has yet been officially confirmed it is believed that the company has erred on the side of caution and Stephen Hester is likely to refuse his bonus entitlement to ensure that taxpayers and the government are "kept on side".

There was dismay amongst UK taxpayers only yesterday when news of the potential £1.6 million bonus began to circulate but the government was quick to counter the argument with a suggestion that nothing had been agreed as yet. We should hear this week whether the new rumours are true when the bank is set to report a loss of £12 billion for last year.

In reality there is little chance that Stephen Hester will accept his potential £1.6 million bonus due to the fact that UK taxpayers are still paying the price for the bailout of the company. While this does not change the company's position regarding a potential £1 billion plus bonus pot for other employees it will at least take some of the heat off the company's chief executive.

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