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CBI demands UK banks cut back on bonuses

The Confederation of British Industry (CBI) has today stepped into the mix to suggest that UK banks need to rein in their bonus payments and reduce competition in the area of staff poaching. This comes at a time when the UK government is looking to push through some of the largest budget cuts in living history yet UK banks appear determined to push through massive bonus payments and remuneration packages.

As many people have mentioned, each and every bonus payment issued by the UK banking industry is annoying the UK public more and more. Aside from the fact the banking industry seems to be performing against all the odds with the economy struggling, it is the fact that UK taxpayers money bailed out the UK banking industry not 12 months ago.

While there is no doubt that the UK banking industry is vital in relation to the eventual recovery of the UK economy there is also no doubt that the liquidity in the sector needs to be spread out across the board. Cutting back the risks is fair enough but reducing financial assistance to potentially lucrative and successful businesses because of short-term cash flow issues is causing major problems.

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