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UK banks agree to scrap £8bn dividends amid recession fears

Lenders asked to scrap cash bonuses for 2020 in order to help ease the impact of financial turbulence

Britain’s largest banks have agreed to scrap nearly £8bn worth of dividends in light of the coronavirus crisis, giving banks an additional cushion to weather an economic downturn.

The Bank of England has also ordered lenders to cancel plans for cash bonuses for executives, as it asked financial institutions to boost their strength ahead of a likely recession.

Related: UK payday lenders start suspending new loans in Covid-19 crisis

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Source: The Guardian