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11/10/2016
FINANCIAL SERVICES
Vince Cable warns banks over “outrageous” bonuses
Banks could face more taxes if they award "outrageously large" bonuses, the business secretary Vince Cable has warned. In an interview with the BBC at the Liberal Democrat conference in Liverpool on 21 September, Cable set out a range of sanctions open to government - from getting banks to give more details of bonuses, to taxing high profits or financial transactions.
Cable said: "If banks are saying to us they have got lots of money to spread out on bonuses and indeed dividend payments at a time when they are constricting credit to small and medium enterprises, then the government may have to use some form of taxation to change their behaviour."
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Review of executive pay
Cable also announced that the government will carry out a comprehensive review into corporate governance, executive pay and takeovers.
Want to know more?
Read the BBC’s report at www.bbc.co.uk/news/uk-politics-11381380.