Per DM

Per DM

September 22, 2010 12:05 ET

Per DM Welcomes Nick Clegg's Announcement That, the Government is Looking at "Different Options" to Try to Change the UK Banks' Behaviour on Bonuses

LONDON, UNITED KINGDOM--(Marketwire - Sept. 22, 2010) - Like many other leading business corporations, Per DM agrees with Nick Clegg's opinion that businesses must "trim their cloth and spending wisely" during these difficult times and that this mentality must also be carried through to the UK Banking sector.

On Tuesday, ministers were considering "potentially quite tough sanctions" against banks that pay their employees large bonuses. A bank levy set to raise £8bn over four years is due to start in January. However, both the Business Secretary Vince Cable and Deputy Prime Minister Nick Clegg suggested that the government could go further if banks paid out unreasonably high bonuses. The government has been looking at how to apply the controversial 'Walker Report' into the corporate governance of UK banks. They believe that pressure should be put on the UK financial sector to divulge more information about their bonus payments, and that tougher regulation, or "different kinds of tax as a disincentive" will dissuade the banks from paying out big bonuses.

Nick Clegg announced early spending cuts due to "perilous" economic conditions, after the general election. Furthermore, Liberal Democrat members have voted to ensure spending cuts do not hit the poorest social groups disproportionately. Moreover, Nick warned banks against "offensive" bonuses, saying he would not take another bonus tax "off the table". He went on to strongly warn banks to stop indulging in "ludicrous" bonus schemes and said that the government would not "be able to stand idly by" if this behaviour continued.

According to Per DM, with the currently economic climate being so unstable businesses are constantly looking "to trim their cloth and spending wisely". It has been widely asserted that the banks are the reason we are in this mess. Their lack of recognition for the need to tighten their belts, relative to bonuses and profits, is unsettling. Instead banks are hitting their customers and the businesses hard as they squeeze more and more profit out of these hard-pressed sectors. Whereas many are forced to think twice about what they can and cannot do, including large business corporations such as Per DM, the banks seem impervious to this. Many industries are looking to increase sales opportunities by re-evaluating their strategies and looking at new routes to market. Dynamic companies like Per DM sit at the epicentre of this revolution. Per DM's innovative marketing strategies boost their revenues and connect one to one with their customers; everyone knows a satisfied customer is the best marketing any brand can have!

New measurable marketing strategies are needed to boost sales and general business success. As one of the UK's premier outsource sales companies, Per DM is stepping into the vacuum created by the reduction in marketing budgets, at a time when brands need to drive sales. Their success in this sector has meant many of the UK's top brands are beating a path to Per DM's door seeking their assistance. Businesses have woken up to the current situation and are now looking to think outside the box as the Government works to get the economy out of the 'red zone', via spend cuts and increased taxations.

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