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 Cameron admits defeat over bankers' bonuses

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itchyfeet
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PostSubject: Cameron admits defeat over bankers' bonuses   Tue Jan 11, 2011 11:47 am

David Cameron admits defeat over bankers' bonuses
Downing Street has accepted that it cannot halt large bonuses for bankers and is instead negotiating to make employers disclose how many are given more than £1 million.

Despite public anger at the prospect, it admits it holds little sway with banks which are not partly stated-owned. A No 10 source said last night: "
Whatever the bonuses are – if they are £7 billion or £3 billion – they will be too big. We are going to get flak and we accept that."

Some Liberal Democrats in the Coalition, including Vince Cable, the Business Secretary, had hoped that the Treasury would look at another bank tax to discourage the bonus culture. But No 10 regards last year's levy as "
a one-off"
.
Ed Miliband, the Labour leader, accused the Coalition of giving banks a tax cut by not renewing the levy imposed by the last government.
The Prime Minister's official spokesman said that, while the Government wanted restraint, David Cameron would not "
micromanage"
the banks.
"
We are not going to set bonus pools for individual banks. We are not going to set pay policy for individual members of staff,"
he said.

But Downing Street is determined to make sure that the partly state-owned banks, Royal Bank of Scotland and Lloyds, do not pay excessive bonuses and ministers are demanding that banks increase lending to firms as the price of approval.
Two months ago, Sir David Walker, a banker who was asked to consider how the City could be more accountable, called for banks to disclose details of annual bonuses. That proposal is now on the table as ministers and officials begin negotiations with the institutions.
A survey last year found that 2,800 bankers received £1 million or more as a bonus. It has been reported that Stephen Hester, the RBS chief executive, is in line for £2.5 million and in total, City bonuses could reach £7 billion.
Nick Clegg, the Deputy Prime Minister, called on banks given taxpayers' money during the financial crisis to show "
extra sensitivity"
.
In 2010, banks paid a 50 per cent tax on any bonus above £25,000, yielding £3.5 billion for the Treasury.
The Coalition is instead imposing a levy on their holdings, expected to raise £1.3 billion in 2011-12.
Bob Diamond, Barclays chief executive, will be questioned by MPs today and is likely to be pressed to give up his bonus.

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PostSubject: Re: Cameron admits defeat over bankers' bonuses   Tue Jan 11, 2011 12:32 pm

Given the current economic situation in the UK and all the cutbacks for the ordinary man in the street, it is likely that the bankers and anyone in the City receiving bonuses of a million pounds will be targetted by hate campaigns and probably worse and rightly.

We're all in it together? Give me a break.
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tonyb60
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PostSubject: Re: Cameron admits defeat over bankers' bonuses   Tue Jan 11, 2011 12:36 pm

How on earth can they say Bulgaria is corrupt.

Who runs the UK finances?

Who got it all wrong and plunged the Country into recession?

Answer the Banks.

This Government is made of tissue paper, worthless and useless.

They bailed them out with our money

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PostSubject: Re: Cameron admits defeat over bankers' bonuses   Tue Jan 11, 2011 12:38 pm

tonyb60 wrote:
They bailed them out with our money

And now they're "
baling"
more money right over. I am now permanently in Bulgaria, but if I were in the UK, I would take action over that.
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