Banks plan bonuses ahead of crackdown

UK INVESTMENT banks are understood to be working on a plan to guarantee billions of pounds in bonuses over the next few weeks to pre-empt an expected government crackdown on City pay.

The Square Mile is fearful that Business Secretary Vince Cable will follow through on threats to curb remuneration.

A number of stringent measures are expected in the emergency Budget, which is due before 24 June.