I listened to the phone-in on fivelive this morning on this subject, and find myself torn as to what the sense of the situation really is. I can very well understand those people (like me, and most others, I think) who struggle to keep afloat and simply feel aghast at the obscene amounts given in bonuses to "bankers".
One argument, though, seems on the face of it to be entirely false. Some say that it's good for the treasury, because income tax is paid on the bonus. Surely, if the bonus wasn't paid, it would increase the bank's profits and therefore incur extra corporation tax? The profit after tax would be available to add to the bailout repayments too.
Have I got that wrong?
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