UK to Tax Bank Bonuses 50%

Any bonus over $40K subject to one-time charge

By Nick McMaster, Newser Staff

Posted Dec 9, 2009 1:52 PM CST

(Newser) – Britain will levy a 50% tax on bank bonuses over $40,800 this year, in an attempt to shore up the nation's finances—and appease angry voters—ahead of the coming election. Alistair Darling slammed banks who paid out hefty bonuses even as Britain remains... Read full story »

COMMENTS

Read the comment policy

You need to Log in to Newser to comment. Don't have an account yet? Sign up now!

10 comments

A snapshot of the day's best news stories.

View Larger Grid

All Today Yesterday Pick a Date

What's Popular Now on Facebook

'Serpent Pastor' Dies of Snake Bite

Oosp: Romney's New App Misspells 'America'

Associated Press (Source Grid »)

World • Money

United Kingdom • recession • bonuses • Britain • tax hikes • bankers • recession depression

More Newser Stories

Downturn 'Worst for 100 Years': UK Minister

Brown ally says current crisis surpasses Great Depression

(NEWSER) - The current economic crisis will be the worst in a century, surpassing even the Great Depression, according to Gordon Brown's closest political ally. Ed Balls, a minister sometimes tipped as a future British leader, said that the downturn would be "more extreme and more serious than that of the 1930s." Balls' office has tried to downplay the remarks, which have been seized upon by political opponents and the media. More»

Did Bankers Go to Jail for Causing Great Depression?

No, although a couple were charged and some were embarrassed

(NEWSER) - The government could soon prosecute a few Wall Streeters who allegedly played a role in the financial crisis, and the commission that uncovered those at fault was modeled on a similar probe after the Great Depression. So did anyone who precipitated that collapse ever go to jail? Nope, writes Brian Palmer in Slate ’s Explainer column: “The rampant speculation and eventual crash of 1929 weren't caused by fraud or illegality, but by unreasonable optimism and loose financial regulation.” More»

UK Minister Rips Starbucks Over Economy Jibe

'How the hell are they doing?' exclaims furious politician

(NEWSER) - One of Britain's leading politicians laid into an unlikely adversary yesterday: the head of Starbucks. Company chief Howard Schultz said on CNBC that "the UK is in a spiral" and was causing Starbucks considerable grief, prompting business secretary Peter Mandelson to fire back: "Why should I have this guy running down the country? Who the fuck is he? How the hell are they doing?" More»

Desperate Times: UK Mulls 3-Day Week

Gov't may compensate workers to avoid higher cost of mass layoffs

(NEWSER) - Now officially in recession amid the global downturn, the specter of a three-day work week has emerged in Britain, the Independent reports. Though officials say it’s "not imminent," the government has discussed paying firms to cut hours with public cash going toward compensating employees for the lost time. But such a move could hurt already-flagging confidence in the economy. More»

Pound Craters After Latest Grim Stats

British currency falls to $1.56 amid recession fears

(NEWSER) - The British economy shrank by 0.5% last quarter, all but confirming that the UK is in its first recession since 1991, reports the Times of London. The decline is greater than expected, and this week both the prime minister and the head of the Bank of England acknowledged that a recession is likely. The news sent the pound falling, dipping to $1.56 for the first time in five years. More»

NEWS FROM OUR PARTNERS

What is Newser?

Face it: there's too much news. At Newser, we choose the most thought-provoking and entertaining stories from hundreds of US and international sources and reduce them to a headline, picture, and two paragraphs. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »

Partnering with: Slate

View Newser on the mobile website

UK to Tax Bank Bonuses 50%

Any bonus over $40K subject to one-time charge

United Kingdom • recession • bonuses • Britain • tax hikes • bankers • recession depression

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Downturn 'Worst for 100 Years': UK Minister

Brown ally says current crisis surpasses Great Depression

Did Bankers Go to Jail for Causing Great Depression?

No, although a couple were charged and some were embarrassed

UK Minister Rips Starbucks Over Economy Jibe

'How the hell are they doing?' exclaims furious politician

Desperate Times: UK Mulls 3-Day Week

Gov't may compensate workers to avoid higher cost of mass layoffs

Pound Craters After Latest Grim Stats

British currency falls to $1.56 amid recession fears

About Us

Site

Community

Site Maps

Tools

More News

What is Newser?