The Independent, 21 October 2009

King of Bank of England slams bonuses

Published on 21 October 2009 at 14:26
The Independent, 21 October 2009

Cover

"Never has so much money been owed by so few to so many." Paraphrasing Winston Churchill after the Battle of Britain, the Governor of the Bank of England has condemned the bail-out of Britain's banks. On its front page, The Independent reports that Mervyn King described as "breathtaking" and "unsustainable" the 1,000 billion pounds (1,109 billion euros) provided by Britain's taxpayers to prop up the country's beleaguered banking industry. King's remarks will re-ignite the ongoing debate on the amount of bonuses to paid by the City, which has already recovered from last year's financial crisis. In its editorial, the daily notes that "at the moment we, the taxpayer, take the risks, while the employees of this privileged sector are in line for vast bonuses," and warns that the banks are heading "for a crude political backlash."

Tags

Was this article useful? If so we are delighted!

It is freely available because we believe that the right to free and independent information is essential for democracy. But this right is not guaranteed forever, and independence comes at a cost. We need your support in order to continue publishing independent, multilingual news for all Europeans.

Discover our subscription offers and their exclusive benefits and become a member of our community now!

Are you a news organisation, a business, an association or a foundation? Check out our bespoke editorial and translation services.

Support independent European journalism

European democracy needs independent media. Join our community!

On the same topic