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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2010/12/clegg-targets-lavish-bank-bonuses.jpg"><img class="alignnone size-full" title="Deputy Prime Minister Nick Clegg has urged banks to rein in lavish bonuses" src="http://londonglossy.com/wp-content/uploads/2010/12/min-clegg-targets-lavish-bank-bonuses.jpg" alt="Deputy Prime Minister Nick Clegg has urged banks to rein in lavish bonuses"/></a></p>
<p>Deputy Prime Minister Nick Clegg has warned banks the Government would not &#8220;stand idly by&#8221; if they failed to rein in lavish bonuses.</p>
<p>He called for &#8220;visible restraint&#8221; in the forthcoming bonus round and indicated he was determined the coalition would step in if necessary.</p>
<p>In an interview with the Financial Times, he said: &#8220;They don&#8217;t operate in a social vacuum.</p>
<p>&#8220;The banks should not be under any illusion, this Government cannot stand idly by.</p>
<p>&#8220;It is wholly untenable to have millions of people making sacrifices in their living standards, only to see the banks getting away scot-free.&#8221;</p>
<p>His comments will appeal to many Liberal Democrats after a period of intense difficulty for Mr Clegg, their leader, over the increase in university tuition fees.</p>
<p>He made clear that he did not intend to fight shy of taking on the banks, even if that meant undermining efforts to ease tensions between them and the Government.</p>
<p>&#8220;We can&#8217;t do that unless we have a cathartic settlement where we see visible restraint from the banks and sensitivity to the context in which they operate,&#8221; he said.</p>
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