Young Real Estate Investor | Info

In June 2010 the Chancellor of the Exchequer George Osborne unveiled an emergency austerity budget that set out plans to increase taxes and cut public spending by £17 billion within five years. Pivotal to this budget’s success is the necessity for a freeze on public sector pay and benefits spending cuts.

The U.K. government is a majority shareholder in the Royal Bank of Scotland (RBS) and technically has the ability to challenge the right of the bank to decide whether staff bonuses are allowed. Yet even with this mind the RBS continues to hand out exorbitant bonuses as though immune from government rulings, begging the question whether the bank is exempt from the parameters imposed by the austerity budget to which everyone else in the country must follow?

Latest European Union Legislation

According to the Daily Mail on 8 July 2010, The European Union intends to cap banker bonuses and may even ask for them to be returned under fresh EU legislation. Only 30% of any bonus will be made available in any one year while the remainder will be spread over a period of up to 5 years. The legislation is due to take effect on 1 January 2011.

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