Downing Street Says » Bankers Bonuses

» Friday, December 17, 2010

Bankers Bonuses

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.

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