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22 Sep 2008
Gordon Brown has expressed concern over the size of bonuses paid to City
bankers.
Brown blamed 'irresponsibility' in addition to the City's culture of bonuses as
having sparked the crisis in financial markets, the FT reported.
Planned measures are being discussed within the Financial Services Authority (FSA), including the possibility of banks being obliged to retain capital if excessive risks were carried out in securing bonuses.
'There’s an element of the bonus system that is unacceptable… everyone knows there is going to have to be changes in that,' Brown said.
Along with Treasurer Alistair Darling, Brown has been under increasing pressure to restrict executive bonuses.
A new middle-class tax cut funded by a 45% rate of tax on those earning more than £175, 000 per year has also been proposed by MP's and trade unions.
Further reading:
FDs hedge bets with 2007's biggest pay rises
Treasury chief calls for board members to show pay restraint
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Visitor comments Add your comment
Government and board pay restraint
The only way for the government to have an effect is for no government work to be passed to a business where the emoluments of the highest paid employee exceed a certain figure. Since they are spending tax-payers' money, it would be interesting to see what figure they set as an acceptable fair salary.
Posted by: Christopher McGowan, 23 Sep 2008 | 00:00