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21 Mar 2013
Forex Flash: Proposed European Banker Bonuses has faced opposition from UK - OCBC Bank
FXstreet.com (Barcelona) - OCBC Bank analysts note that the proposed banker bonus restrictions had faced opposition from UK Chancellor Osborne who said it would drive up fixed bank salaries and damage competitiveness, but will not take effect before Jan 2014 so will not affect 2014 awards.
Meanwhile, they note that the UK’s growth forecast has been cut by half to 0.6% for 2013 (and 1.8% for 2014), even as Osborne delivered a corporate tax cut, set out an updated BOE remit, and borrow some GBP240b more over the 5-year period ending in Apr 2016. Meanwhile, looking to the Cypriot crisis, they note that Cypriot president Anastasiades is planning a new plan which may include a new version of the bank deposit tax, even as the banks will remain shut until 26 March.
Meanwhile, they note that the UK’s growth forecast has been cut by half to 0.6% for 2013 (and 1.8% for 2014), even as Osborne delivered a corporate tax cut, set out an updated BOE remit, and borrow some GBP240b more over the 5-year period ending in Apr 2016. Meanwhile, looking to the Cypriot crisis, they note that Cypriot president Anastasiades is planning a new plan which may include a new version of the bank deposit tax, even as the banks will remain shut until 26 March.