We apologise to Barclays bank for wrongly reporting last month that in 2010 the bank paid a mere £113m in corporation tax to the government, on global profits of more than £5bn. In fact, it was in 2009 that Barclays paid a mere £113m in corporation tax to the government, on global profits not of £5bn, but of £11.6bn – a tax rate of 1%. On 7 March, Barclays announced that it handed nine senior bankers £88m in share awards in 2010 and chief executive Bob Diamond received a total package worth £23m. The latter award, in the eyes of the Barclays board, demonstrated the bank's “restraint”. The two heads of Barclays Capital, Barclays’ investment bank, received £90m between them in share awards from previous years (£30m plus each), salary and bonuses (£10m plus each) and a long-term incentive plan (£3m plus each).
Topics: Cuts & austerity