Clegg warns over bankers' bonuses

City A.M. Reporter
The government plans tough action to rein in what it regards as excessive bank bonuses, Deputy Prime Minister Nick Clegg said on Thursday, firing a warning shot ahead of the annual round of payments.

"It's the Liberal Democrats who have led the debate on clamping down on bankers' bonuses and we must be just as tough this year in the bonus season that's coming up as we were last year, if not more so," Clegg, leader of the Liberal Democrats, told BBC Radio 4.

The government owns 83 per cent of Royal Bank of Scotland and 40 percent of Lloyds Banking Group after bailing them out.