Clegg: UK will crack down on bank bonuses

Britain intends to take tough action against excessive bank bonuses, deputy prime minister Nick Clegg has said.

Speaking to BBC Radio 4, the leader of the Liberal Democrats suggested that new rules will be introduced in this year's budget ensuring that companies and individuals are not able to take advantage of the bonus and taxation systems.

He said that there is a lot of anger among the public over the way that large businesses are avoiding large tax payments, and also highlighted that a commitment to fighting tax avoidance is written into the Coalition Agreement between his party and the Conservatives.

Talking to the Today programme this morning, Mr Clegg said: "It is the Liberal Democrats who have led the debate on clamping down on bankers' bonuses.

"We must be just as tough this year in the bonus season that is coming up as we were last year, if not more so."

Despite being 83 per cent owned by the state, Royal Bank of Scotland is estimated to have paid out £950 million in banker bonuses in 2010.

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