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UK firms cut dividends by £10bn

UK companies cut dividend payments by £10bn in 2009, according to a report by Capita Registrars.

A total of £56.9bn was paid out in dividends last year, representing a 15 per cent year-on-year drop.

Financial companies slashed £8.2bn, and of this £6.1bn was cut by the banks.

HSBC only modestly cut its dividend whilst Standard Chartered actually increased its payment.

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