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George Osborne set to shelve plans on banking pay transparency
11-22-2010, 09:14 PM,
#1
George Osborne set to shelve plans on banking pay transparency
Quote:Rules to force British banks to reveal how many employees are paid more than £1million are set to be watered down.

George Osborne backed concerns that the Square Mile could be harmed if the UK went it alone in ordering banks to publish the number of high-earners.

But he is likely to face a fierce battle with Business Secretary Vince Cable over limiting the plans for greater openness in the financial sector.

Mr Cable last autumn branded a report by Sir David Walker into pay transparency a "whitewash" despite it recommending that banks should have to reveal the number of their highly-paid employees, with salaries over £1million, in bands. Sir David has now admitted that even this appears unlikely to happen before the forthcoming bonus season, after city chiefs warned they could move staff elsewhere if Britain demanded greater transparency.

"It would be mistaken for the British Government to act in the absence of closely aligned similar initiatives elsewhere in Europe and, above all, in the US," he told the Financial Times.

The Chancellor signalled his reluctance to order banks to reveal pay details for high-fliers: "It might be better for Britain to promote this internationally rather than just unilaterally."

But Mr Cable told the Standard that transparency was "key to creating confidence in any commitment from our banks to behave more responsibly on pay and bonuses".

http://www.thisislondon.co.uk/standard-business/article-23899846-george-osborne-set-to-shelve-plans-on-banking-pay-transparency.do
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