Put that the Deputy Prime Minister had said in an interview that the Government would not stand idly by’ on the subject of large bankers bonuses and what did he mean by that, the PMS replied that we all wanted to see pay restraint. On taxation, the Government wanted to make sure that banks paid a fair share. The Chancellor had set out the position in the Spending Review that we wanted to ensure we had the maximum sustainable tax take from the banks.
The PMS added that we were introducing a Bank Levy in January and the FSA would be publishing a new code on remuneration today that would set out the rules governing pay and bonuses for banks in the coming period.
Asked for more detail on what the Prime Minister and Deputy Prime Minister saw as restraint’, the PMS replied that he would not set a figure. Put that predictions were suggesting that bonuses would be down as much as 40% for investment bankers and was Nick Clegg trying to take the credit for something that had already happened, the PMS said that the Deputy Prime Minister was making the point that we wanted to see restraint.
The PMS added that we were having to impose pay restraint in the public sector as part of our strategy to tackle the deficit and we wanted to see restraint in the financial sector too.
Briefing took place at 10:00 | Search for related news
Original PMOS briefings are © Crown Copyright. Crown Copyright material is reproduced with the permission of the Controller of HMSO and the Queen's Printer for Scotland. Click-use licence number C02W0004089. Material is reproduced from the original 10 Downing Street source, but may not be the most up-to-date version of the briefings, which might be revised at the original source. Users should check with the original source in case of revisions. Comments are © Copyright contributors. Everything else is © Copyright Downing Street Says.
Contact Sam Smith.