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Clegg: Banking review 'pathetic'

The government's decision to set up a review to look into banking bonuses is "pathetic" and "timid", according to the Liberal Democrat Leader Nick Clegg.

Nick Clegg on the Politics Show

Mr Clegg said that an inquiry was unnecessary: "We do not need an inquiry to answer the question of whether bankers should receive bonuses - the right answer is no.

"Anyone on the boards of the banks, the executives, should not take bonuses. In future they should not get cash bonuses at all."

Some reports suggest that the potential total bonus figure at RBS could be up to 1bn for the company's 177,000 staff.

Mr Clegg also demanded that those who had big bonuses in the past, should give the money back.

"Fred 'The Shred' Goodwin, who ran RBS," he said, "...if he has a shred of decency or shame, I think he should be giving back some, if not all of the 2.8m bonus that he received for instance in 2007," he said.

The Liberal Democrats are also calling for the weakest banks to be taken into temporary nationalisation.

Mr Clegg said: "In effect, you would be treating people at the top as you would treat senior civil servants."

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