EU to cap bankers' bonuses at a year's pay but Cameron warns it must not hurt Britain

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5corpio started a blog post EU to cap bankers' bonuses at a year's pay but Cameron warns it must not hurt Britain
28 February 2013, 10:35

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EU to cap bankers' bonuses at a year's pay but Cameron warns it must not hurt Britain
European Union leaders have agreed to cap bankers' bonuses at a maximum of one year's salary in the face of fierce opposition from Britain. David Cameron today warned the plan must not hurt Britain's competiveness. Under the EU proposal a perk of two years' salary could only be paid if a majority of shareholders agreed to it. The deal must be signed off by EU governments before coming into force next year but Chancellor George Osborne is expected to argue against it at a meeting of European finance ministers next year.

A payment worth twice an annual salary must be agreed by bank's board

Deal must be agreed by EU leaders before coming into force in 2014

RBS revealed today it lost £5.16bn in 2012 but still paid £607m in bonuses

Read more here:

£17m bonus bonanza for top Barclays bosses - allaboutFORUMS
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1 comment
- #1
  
  5corpio commented
  
  7 March 2013, 09:02
  
  Editing a comment
  
  Prime Minister's Questions: Cameron out of touch on bonuses, says Miliband
  
  Labour leader Ed Miliband has accused David Cameron of being "out of touch" for opposing European Union plans to cap bankers' bonuses. He claimed the prime minister was "straining every muscle" to help the rich while doing little for the poor. But Mr Cameron said the Labour leader wanted to "play and pose politics", while the UK needed to do all it could to attract the world's largest banks. The UK was the only EU country to oppose the cap in a vote on Tuesday. Under the plan, bonuses would be limited to 100% of a banker's annual salary - or to 200% if shareholders approve....Read more here
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EU to cap bankers' bonuses at a year's pay but Cameron warns it must not hurt Britain

EU to cap bankers' bonuses at a year's pay but Cameron warns it must not hurt Britain