Published by Jamie JemmesonChancellor of the Exchequer Alistair Darling is today (December 9th) expected to announce an expanded government borrowing programme, in addition to proposals to tax bank bonuses.Speaking to Bloomberg, Chris Sanger, head of tax policy at Ernst & Young, said he expects Mr Darling to announce a cap on bonuses which, if exceeded, would be subject to a 50 per cent tax rate.Keith Pilbeam, a professor of financial economics at City University in London, added: "There is a feeling out there that these guys are overpaid and the public wants retribution. There is an idea that they need punishing because they haven't really suffered at all during this crisis."The chancellor is set to make the announcement in Parliament at 12:30 GMT.The annual pre-Budget release will be followed tomorrow by the Bank of England monetary policy committee's monthly action statement.Foreign exchange traders broadly expect the committee to keep both interest rates and the asset purchase facility on hold at 0.5 per cent and £200 billion respectively.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site