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Chancellor Rules Out Curbing Bank Salaries

Fri, 20 Mar 2009

The Chancellor has revealed that British bankers will not have their pay curbed, following moves to curb bonuses in the UK banking system. Alistair Darling revealed to the Treasury Select Committee that he would not be imposing limits on the salaries that RBS and Lloyds - near nationalised banks - would be able to offer. Mr Darling said, 'We have got to make sure that we don't end up with a situation where other banks start attracting people who are key to making, say, RBS and the Lloyds Group work in the future.'

Mr Darling added, 'A code in respect to how remuneration is structured is absolutely essential. It is good that excesses in the banking sector are brought to an end but it does mean our revenues via taxation suffer as a result.' There's no doubt that we are, like many other countries, facing a very, very turbulent period. But if you look at the position at the moment, provided we maintain our support for the economy and provided we make it clear in the medium term that all countries will have to live within their means, we can get through this.'
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