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Chancellor Osborne has a change of heart re bankers‘ bonuses

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by Kay Mitchell

Chancellor George Osborne has had a rethink with regard to bankers’ bonuses, suggesting he may abandon the requirement for British banks to disclose the number of employees earning more than £1 million.

The requirement for banks to disclose bonuses and salary payments over £1 million was brought in by former Chancellor Alistair Darling last year.

The turnaround comes as Mr Osborne said new rules may damage the UK’s reputation as a global financial centre as some banks have hinted that they are looking to free themselves from stricter regulations.

Furthermore, Osborne cited the lack of international agreement on transparency for the change of heart.

Some banks have already suggested that Mr Osborne’s £2.5 billion bank levy may force them to move out of London.

However, his rethink has not been welcomed by Business Secretary, Vince Cable, who issued this statement in response:

“Transparency is key to creating confidence in any commitment from our banks to behave more responsibly on pay and bonuses.”

Bonuses have been a major issue for some time now and have sparked public outrage since many argued that excessive bankers’ bonuses reward the risk-taking culture that led to the financial crisis, something which Mr Cable agrees with.

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News posted: November 22, 2010

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