George Osborne, the UK shadow chancellor, said banks should refrain from handing out big bonuses this year as the broader economy continues to struggle because of problems partly created by the financial sector.

“Some banks are now making big profits again from higher margins, underpinned by taxpayer guarantees,” he said in a speech on June 9. “It would be a huge mistake if they pay out huge bonuses this year-end on the back of these government-supported profits.”