Clegg reiterates stance on banking bonuses

19 December 2011

The British government has no plans to relax its no-nonsense approach towards excessive bonuses in the banking sector, the deputy prime minister has warned.

During a speech to be given today (19 December), Nick Clegg is set to reiterate the Conservative-Liberal Democrat alliance's tough stance on this issue in the wake of the global economic downturn, Reuters reports.

Since the onset of the recession, there has been a growing sense of public anger towards the amount of money executives in the banking arena are earning on top of their salaries.

And with this in mind, Mr Clegg - who is also MP for Sheffield Hallam - has insisted there will be no let-up from the administration when it comes to tackling the problem.

"Let no one be in doubt about our determination to use our clout as the major shareholder in these banks to block any irresponsible payments, or any rewards for failure," he stated.

By Asim Shah

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