View all newsletters
Have the short, sharp Spear's newsletter delivered to your inbox each week
  1. Wealth
December 7, 2009

FT: Darling to tax bonuses?

By Spear's

Alistair Darling, chancellor, is preparing a crackdown on “extraordinarily high” bankers’ bonuses when he makes his pre-Budget report on Wednesday, but is expected to reject a windfall tax on bank profits.

Alistair Darling, chancellor, is preparing a crackdown on “extraordinarily high” bankers’ bonuses when he makes his pre-Budget report on Wednesday, but is expected to reject a windfall tax on bank profits.

Mr Darling’s officials are in a race against time to draw up some form of supertax to curb what the chancellor fears will be a lavish bonus season, only months before a general election.

But Treasury officials admit that devising such a scheme is fraught with technical problems. “The problem is that we are dealing with people who are usually one step ahead of us,” joked one.

Any tax on bankers would not make a big dent in an expected deficit of about £180bn, but Mr Darling knows the political sensitivity of allowing bankers at part-nationalised banks to walk off with huge pay-outs.

“We are not going to be held to ransom by people who believe you can pay extraordinarily high bonuses without regard to what’s going on,” Mr Darling told the BBC’s Andrew Marr programme.

To read the full story, visit ft.com

Content from our partners
Why investors should consider investing in nature
HSBC Global Private Banking: Revisiting your wealth plan as uncertainty abounds
Proposed non-dom changes put HNW global mobility in the spotlight

Select and enter your email address The short, sharp email newsletter from Spear’s
  • Business owner/co-owner
  • CEO
  • COO
  • CFO
  • CTO
  • Chairperson
  • Non-Exec Director
  • Other C-Suite
  • Managing Director
  • President/Partner
  • Senior Executive/SVP or Corporate VP or equivalent
  • Director or equivalent
  • Group or Senior Manager
  • Head of Department/Function
  • Manager
  • Non-manager
  • Retired
  • Other
Visit our privacy policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
Thank you

Thanks for subscribing.

Websites in our network