UK government set to approve £7.7m pay for RBS boss

The controversial £7.7m (€8.78m) pay package awarded to Royal Bank of Scotland's boss is expected to be given the all-clear by the British government today despite a widespread backlash over the deal.

UK Financial Investments (UKFI), which manages the Government's bank assets, is reportedly planning to give its backing when shareholders cast their vote on RBS pay plans at the group's annual meeting in Edinburgh.