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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/01/cameron-in-bonuses-warning-over-rbs.jpg"><img class="alignnone size-full" title="It is reported that RBS chief executive Stephen Hester will take home an estimated 6.8 million pounds in bonuses, salary and other payments" src="http://londonglossy.com/wp-content/uploads/2011/01/min-cameron-in-bonuses-warning-over-rbs.jpg" alt="It is reported that RBS chief executive Stephen Hester will take home an estimated 6.8 million pounds in bonuses, salary and other payments"/></a></p>
<p>Royal Bank of Scotland should not be &#8220;leading the way&#8221; on bankers&#8217; bonuses, David Cameron warned, amid reports its chief executive was to receive a £6.8 million pay package.</p>
<p>The Prime Minister said the bank, which is 83% owned by the taxpayer, should be a &#8220;back-marker&#8221; when it came to pay-outs as he urged the financial sector to be &#8220;socially responsible&#8221;.</p>
<p>But although he called for a reduction in the overall City bonus pot, he said he would resist pressure to &#8220;micro-manage&#8221; banks and cautioned against making them a &#8220;scapegoat&#8221;.</p>
<p>Mr Cameron also used broadcast interviews with the BBC to defend the Government&#8217;s economic policy and to issue a clear warning to trade unions he would not change course if they decided to &#8220;kick off&#8221;.</p>
<p>But he was accused by Labour of piling pressure on the less well off after declaring that the VAT rise to 20% was likely to be a long-term measure but the 50p income tax rate for top earners would hopefully be dropped.</p>
<p>The reported scale of RBS chief Stephen Hester&#8217;s remuneration package &#8211; said to include a £2.5 million cash-and-share bonus this year &#8211; was &#8220;pure speculation&#8221; he said and yet to be finally determined.</p>
<p>&#8220;Royal Bank of Scotland, as you rightly say, is owned by the Government. They should not be leading the way on bonuses, they should be a back-marker,&#8221; he told BBC1&#8217;s Andrew Marr Show. However it was important that the banks could be sold to recoup the taxpayers&#8217; investment, he added, &#8220;and we won&#8217;t do that if we micro-manage them on a daily basis according to whatever&#8217;s in today&#8217;s papers&#8221;.</p>
<p>Mr Cameron indicated that although it would inevitably stunt economic growth to some extent, 20% VAT was likely to be &#8220;pretty permanent&#8221; as the UK dealt with its structural deficit. But Labour&#8217;s alternative of targeting National Insurance would be &#8220;very, very perverse&#8221; at a time when it was vital to get growth in the jobs market.</p>
<p>Labour said the Government was hitting the public with a &#8220;double-whammy&#8221; of higher fuel duty and the VAT increase and that &#8220;ordinary hard-working&#8221; families were paying the heaviest price.</p>
<p>Shadow chancellor Alan Johnson said: &#8220;David Cameron says families up and down this country will have to get used to permanently higher prices &#8211; the VAT rise is here to stay long after the deficit is gone. Instead his priority is to cut taxes for those earning more than £150,000. Cameron says we are all in this together but his priorities couldn&#8217;t be clearer. For this Tory-led government ordinary hard-working families are last in the queue for support.&#8221;</p>
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