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UK bonus supertax set to net £2.5bn

The banker bonus supertax is set to pull in a total of £2.5bn for the Treasury, a survey by the Financial Times has found.

According to the report, the return is £1.5bn greater that the total bonus bank pool before the supertax was imposed and is almost three times the £550m figures touted by Chancellor Alistair Darling in December, when he announced the payroll surcharge on all bonuses over £25,000.

The survey included the five largest UK banks as well as 11 global banks with a large London presence. Those that have publicly disclosed their expenses include Barclays (£225m), HSBC (£235m), Royal Bank of Scotland (£208m) and Deutsche Bank (£204m).

JP Morgan Chase, Morgan Stanley, Bank of America, Credit Suisse and UBS all declined to provide figures, according to the Financial Times.

The Chancellor is expected to announce plans for the extra funds in his Budget report later this month, with youth unemployment and “industries of the future” two areas Labour is believed to be targeting.


Royal Liver: Counting the cost

Royal Liver faces £7m bill

The FSA has ordered Park Row’s parent company Royal Liver to pay customer redress estimated at between £5m and £7.8m. The FSA has also publicly censured Park Row and fined the firm’s former chief executive Peter Sprung £49,000. Money Marketing first revealed news of the FSA investigation in March 2009. The FSA says the firm […]

Life and pension profits slump at Lloyds Bank

Lloyds Banking Group’s UK life, pensions and investments division saw a 25 per cent drop in profits last year to £617m from £826m in 2008. The fall was revealed as Lloyds Banking Group posted a loss of £6.3bn for 2009. The group’s loss was less than experts expected and slightly down on the previous year’s […]


Fair and loathing

Twice during the past week I have been admonished for being beastly to the FSA. “Hey, they are okay, decent fellows, only doing their jobs,” etc. I have been told. All of this may be true and indeed, if my comments related to any particular individual, they might well be out of order and the […]

Embrace simplicity!

By Fiona Holmes, proposition communications manager When I first took out critical illness cover, I was overwhelmed. It wasn’t just the form filling, it was finding out about the sheer number of illnesses I was covered for. Did it give me peace of mind that I was covered for neuromyelitis optica or systematic lupus erythematosus? […]


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There is one comment at the moment, we would love to hear your opinion too.

  1. We are living in a society where we now put so much effort into not doing the job we are paid to do And the reason for all of this?
    The excessive and rapacious greed emanating from the very people we elected to run our society.And the route cause of this decay?
    Look no further than the unelected meg…alomaniac in no 10 downing street. Clinging onto power by the skin of his teeth and seeking to deceive the people of this once great country into electing him into office.
    I for one will be seeking a new life abroad if the general public are so gullible as to vote for this man and the fraudsters that fawn and grovel at his feet.

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