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Monday, June 22, 2009

Government Headache

The government is learning that running a bank is not at all without its downsides.

This week the Royal Bank of Scotland, owned by the taxpayer, is expected to announce a £9.6M pay package for Stephen Hester, its CEO.

Whether Hester may, or may not, justify such a package will be an issue that will be buried in the headlines that instead will scream about the fact that the taxpayer is "footing the bill".

The sooner the government comes up with a clear plan as to how, and when, it will return its bank holdings to the private sector the sooner it will rid itself of what will become a very nasty headache for the PM and Chancellor (whoever they may be).

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