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Rbs Plan For 200% Bonuses Blocked By Treasury Body

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http://www.bbc.co.uk/news/business-27154184

Royal Bank of Scotland has abandoned attempts to pay bonuses twice the size of salaries after being told the move would not be approved.

UKFI, the body that manages the Treasury's 81% stake in the bank, told RBS it would veto plans for a 2:1 bonus ratio at the next shareholder meeting.

"There will be no rise" while RBS is "still in recovery", the Treasury said.

New EU rules mean the bank has to ask its shareholders for approval of annual bonuses above 100% of base salaries.

"The new team at RBS have done a huge amount to repair what went so badly wrong in that bank, but there's still a long way to go," chancellor George Osborne told the BBC.

Clearly they are worth it.

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HMG is probably trying to delay the heads on pikes moment. At the risk of mixing metaphors, I wonder what will be the straw that finally brakes the public's back?

The popping of the London bubble which will ripple outwards to the regions, then the resultant economic collapse.

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