Myners angry at banks as bonus row escalates

CITY minister Lord Myners yesterday expressed his anger at large&nbsp; banking bonuses, as speculation around future compensation at UK banks threatened to cause&nbsp; the government further embarrassment.<br /><br />Speaking on the BBC&rsquo;s Andrew Marr show, Myners said: &ldquo;We are simply not going to tolerate high levels of remuneration which are not justified and earned. The nation is angry and I&rsquo;m angry.&rdquo;<br /><br />He added that investment banks may be charging clients too much in fees, in a further sign that the government is preparing a clamp-down on the sector ahead of the pre-Budget report (PBR) in November.<br /><br />Myners&rsquo; comments came as City analysts predicted Barclays is on course to post record annual profits of over &pound;10bn, fuelling talk of&nbsp; bumper bonuses early next year. Another analyst forecast that Royal Bank of Scotland, which is 70 per cent owned by the taxpayer, will award its biggest earners up to &pound;5m each in total compensation this year, having put aside &pound;1.8bn in the first half to cover staff pay and bonuses.<br /><br />An RBS spokeswoman said bonuses had not yet been agreed and the figures were &ldquo;without foundation&rdquo;.