Recovery? Don't Bank on it!

Written by Gurkha Dan

Thursday, 10 December 2009

image for Recovery? Don't Bank on it!

Much has been made of the news that UK banks are planning to reward their staff for their 'hard work' this year. Despite protests in the media - these same banks are claiming that they will lose all their 'talent' if they do not offer competitive bonuses.

Meanwhile the Treasury is forecasting a budget deficit of approximately £200bn, which it hopes to slash by some 0.5bn with a new bankers' bonus tax. This deficit was, in no small part, created by the bailout of these same banks, who have made such large profits this year that they are able to propose huge bonuses for their 'talented executives'.

There is a strong suspicion that the 'talented executives' in question - are the same people who managed to engineer the banking collapse last year. Therefore the same people who helped create the deficit one year, have now made a small amount of money for the banks they nearly ruined last year.

Surely rather than recouping a mere 50% of these bonus payments, the UK public are entitled to ask for this money to be paid back. This would help prevent the need for National Insurance rates to rise and for the 'painful cuts', we are warned are still come.

Now that's irony!

The story above is a satire or parody. It is entirely fictitious.

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