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Osborne slams failure to rein in City bonuses

Conservative Shadow Chancellor George Osborne has slammed the FSA for failing to curb the banks from paying excessive bonuses to staff.

He says the FSA has “pulled its punches, leaving the promises of the Prime Minister and others to curb excessive bonuses absolutely worthless”.

But FSA chief executive Hector Sants says the new regulations on bankers’ pay have not been watered down and that such criticism is “unreasonable”.

Osborne says: “Banks need to be told that the support provided by the taxpayer is there to rebuild their balance sheets and resume normal lending, it is not there to help with mega payouts to bankers.

“This failure to act is further evidence of the need to put an institution with the clout and authority of the Bank of England in charge, and that is what a Conservative Government will do.”

PR firm Lansons public affairs director Ralph Jackson says: “The Tories want to show they are different to the Government and will be tougher.”


Scale model

Forgive me if, just for once, I come over as totally unimpressed by Resolution’s takeover of Friends ProvidentI know it is an important business story. I fully understand that it has implications for the rest of the industry, marking a new departure in the way it may consolidate in the coming years.

Brexit: what to expect in the aftermath

James Dowey, Chief economist & CIO In these very early stages following the “Leave” win any prognosis is by its nature highly tentative. It will be weeks before we are able to measure the acute impact of the result on the UK economy, and there are clearly no close historical parallels on which to base […]


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