Slap corporation tax on bank bonuses, say unions (UK)

[cory777]

Source: Guardian

Unions will call on the government today to wring more tax revenue out of the banks after Vince Cable conceded it had failed to prevent big bonuses and that the payouts to be announced in the coming days would be "offensive" to most people.

The business secretary said most people could not comprehend the scale of the "extraordinarily large bonuses" and added: "The banks are ultimately underwritten by the state, they effectively have a state guarantee. That's what makes the enormous payments so offensive."

His comments came as Barclays prepared to report annual profits of some £5.8bn and bonuses totalling at least £2.7bn, Cable reiterated his belief that only "fundamental reform" of the banking industry, through the John Vickers banking commission would stop the huge payouts. "There will have to be change, and it will have to be radical...What we should notice at the end of it is the banks are more competitive and that they are safer and that they are not making large excess profits which then fuel the bonus culture."

UK banks are expected to hand out £6bn in bonuses for 2010, and Barclays will be the first to find out whether the public will heed George Osborne's call for an end to banker-bashing.

Read more: http://www.guardian.co.uk/business/2011/feb/14/tax-bonuses-like-profits?CMP=twt_fd

---

Activist News http://activistnews.blogspot.com

[aquart]

1. The banker bashing continues to be done without large rocks.

When it is done with large rocks I will consider heeding a call to end it.

[micraphone]

2. LOL... 6 billion quid

should buy a lot of VERY big rocks :fistbump:

[grahamhgreen]

3. That should be the first words in Obama's budget.

[xchrom]

4. like the people aren't offended already? nt

[Paka]

5. I say..

tax 'em to the maxim. Time to do that in the US as well. :thumbsup: