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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2010/12/banks-to-be-urged-to-cut-bonuses.jpg"><img class="alignnone size-full" title="Business Secretary Vince Cable (left) and Chancellor George Osborne (right) will meet bank bosses over excessive bonuses" src="http://londonglossy.com/wp-content/uploads/2010/12/min-banks-to-be-urged-to-cut-bonuses.jpg" alt="Business Secretary Vince Cable (left) and Chancellor George Osborne (right) will meet bank bosses over excessive bonuses"/></a></p>
<p>Bank bosses will face renewed pressure to act to curb excessive bonuses on Monday when they meet for talks with Chancellor George Osborne and Business Secretary Vince Cable.</p>
<p>Mr Cable renewed the threat of imposing taxes to tackle &#8220;scandalous&#8221; annual payouts as he insisted both coalition parties were united in seeking tough action.</p>
<p>He also expressed his determination to use the latest meeting to press for more openness on lavish pay and perks and for increased lending to small businesses.</p>
<p>Senior ministers have launched a series of starkly worded warnings of the need for restraint in the face of the squeeze elsewhere in the economy as the bonus season approaches.</p>
<p>But there remain doubts about whether the Conservatives are as committed as their Liberal Democrat governing partners to imposing extra practical measures at this stage.</p>
<p>Prime Minister David Cameron said on Friday that banks had to understand the &#8220;political context&#8221; of bonuses, given that the banks were bailed out by taxpayers who are now feeling the pinch. He spoke after his Liberal Democrat deputy Nick Clegg said the Government would not &#8220;stand idly by&#8221; while the banks appeared to get away &#8220;scot free&#8221; with the fallout from the financial crisis.</p>
<p>The rhetoric on the banks has provoked a hostile reaction from the City and some scepticism as to what action the Government could take unilaterally to curb excess.</p>
<p>Government sources played down suggestions that Mr Clegg&#8217;s comments heralded an imminent announcement of new action on bonuses, describing them as a &#8220;shot across the bows&#8221;.</p>
<p>Asked what practical steps could be taken, Mr Cable said there were &#8220;various ways&#8221; of taxing banks if they failed to act on bonuses, but declined to give any detail of what form it could take. &#8220;If they don&#8217;t behave, if they don&#8217;t take account of their wider responsibilities, the Government has as a possibility some form of taxation &#8211; there are various ways of doing this &#8211; but we&#8217;d rather they accepted that they had wider obligations to British business and to the public,&#8221; he told the BBC.</p>
<p>He insisted the Tory and Liberal Democrat coalition partners were united on the issue. &#8220;There is a coalition agreement that is absolutely clear and explicit that we have to take robust action on unacceptable bonuses. Both parties are fully signed up to that.&#8221;</p>
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