Boris wades in as FSA gets tougher on bank bonuses
- The FSA plans to hit banking bonuses even harder, but London Mayor Boris Johnson is warning of dire consequences for the City if the tax burden gets any greater.
With banks and financial institutions preparing to absorb the cost of Alistair Darllng's windfall tax themselves, the Financial Services Authority (FSA) is readying even tougher measures aimed at anyone earning a £1 million plus bonus.
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The Bottom Line:If Mr Cable has his way...
"If Mr Cable had his way, all the big banks would be broken up and bonuses would be virtually eliminated - a sure-fire way in my view of guaranteeing an end to the UK’s ability to compete as an international financial centre. Let’s not forget that this is a man who is on record as saying that everyone who works in a bank has an ‘aristocratic lifestyle’ clearly demonstrating his lack of understanding of the sector." A tough line on bankers’ bonuses could make a brain drain of financial talent a distinct possibility, warns Paul Marsden. Read more