The Government has been attacked by the Liberal Democrats after it emerged Northern Rock staff will receive £9m in bonuses - simply for repaying part of its bail-out loan on time.
The sum does not include the seven-figure bonus pool which senior executives will enjoy, less than 12 months after the bank needed a £26bn taxpayer-funded bail-out in February last year.
"This is bringing the worst of the City bonus culture into a public body," says Vince Cable, Shadow Chancellor for the Liberal Democrats.
"This is an extraordinary action from a state-owned bank which still owes billions to taxpayers.
He concludes: "When millions of people are facing pay cuts or even unemployment, this is indefensible. The Government should step in to stop this now."IFAonline
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