The quote of the recession......

Royal Bank of Scotland chairman, Sir Phillip Hampton, has admitted that the bank is 'paying a lot of people who aren't worth it', having previously revealed it paid 100 bankers in excess of £1m. Meanwhile, CEBR has predicted that pre-tax bonuses will be slightly below 2009's £7.3bn, but will still be close to pre-credit crunch levels. However, following the introduction of the 50% tax rate, bankers are expected to take home only £3.8bn.