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Bonus meeting delayed by bad weather

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by Kay Mitchell

A meeting between Business Secretary Vince Cable, Chancellor George Osborne and the bosses of the UK’s top five banks has been delayed after Mr Osborne is stranded in the US due to bad weather.

The meeting, scheduled for this afternoon to discuss the controversial issue of bonuses, had to be cancelled due to transport problems.

No new date has been agreed, although sources say the Government is keen to rearrange for later this week.

In addition, many other attendees were unable to get to London today because of the snow.

The snow and ice has meant thousands of flights were grounded today at Heathrow, Europe’s busiest airport, after it was forced to close temporarily.

Meanwhile, Mr Cable is keen to set a limit on bonuses and a commitment to increase lending to SMEs.

Yesterday, Mr Cable warned banks that the Government will remain determined and not be “bullied”.

Mr Cable said that the Coalition Government is in agreement on the subject of bonuses and said it will not be “bullied” by banks threatening to leave the UK as they look to free themselves from stricter regulations – such as the bank levy 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: December 20, 2010

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