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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2010/11/banks-in-talks-to-slash-bonuses.jpg"><img class="alignnone size-full" title="Britain's biggest banks are reportedly in talks about reducing the multibillion-pound staff bonus pot" src="http://londonglossy.com/wp-content/uploads/2010/11/min-banks-in-talks-to-slash-bonuses.jpg" alt="Britain's biggest banks are reportedly in talks about reducing the multibillion-pound staff bonus pot"/></a></p>
<p>Britain&#8217;s biggest banks are believed to be in talks about reducing the multibillion-pound staff bonus pot.</p>
<p>Negotiations about cuts to around £7 billion of payouts already earmarked for the new year are being steered by the British Bankers Association, the BBC reports.</p>
<p>One participant told the broadcaster that public anger about the size of the bonus pool could see it slashed to £4 billion.</p>
<p>News of the talks follows warnings from both Business Secretary Vince Cable and Deputy Prime Minister Nick Clegg about banks paying big bonuses given the state of the economy.</p>
<p>Institutions could face more taxes if they pay out &#8220;outrageously large&#8221; sums, Mr Cable said, while Mr Clegg warned that ministers would not stand &#8220;idly by&#8221; if banks hand out huge rewards after being bailed out by the taxpayer.</p>
<p>The outgoing head of business group the CBI also said bankers would seem &#8220;arrogant and out of touch&#8221; if they carried on paying bonuses while the public sector wrestled with swingeing cuts.</p>
<p>A new levy on banks&#8217; balance sheets is due to come into force at the start of next year. Ministers hope it will raise more than £8 billion over the next four years.</p>
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