Letter: Bonus blow-up

Bonus payments to bankers are in the news again. It is ironic that the £7 billion set aside by City institutions for payouts is exactly the amount of the forecast overrun of government borrowing during the current financial year. So, Mr Cable, you know what to do to halve, at least, the overrun deficit.

The public may be prepared to accept large payouts to bankers if it was explained what they are are actually for. The general perception at present is that they are paid just for turning up.

There is no evidence that these payments are rewards for helping the UK economy out of the recession mainly caused by investment bankers in the first place.

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Rumours abound from disaffected bank staff that teams are rewarded for bringing in business regardless of whether it proves to be profitable or not and other teams are rewarded for sorting out the mess that bad investments generate.

Mike Underwood

Friars Brae

Linlithgow