Cameron insists no further action on banker bonuses
David Cameron yesterday communicated that there will be no further action taken on bankers’ pay, in spite of a huge total of £6billion in bonuses that they are going to be rewarded with.
Pressure is mounting on the PM to take action following disclosure of excessive payments taking place at four of the UK’s biggest High Street banks. The deputy PM, Nick Clegg, who is also the leader of the Lib Dems, has insisted that there will be a crackdown aimed at curbing bank bonuses.
However, Mr Cameron said that he didn’t believe that it was possible for the country to be able to deliver growth at the same time it is running a war with the biggest banks. He continued by saying all he is interested in is tax revenue from banks so that they can help to rebuild the economy and that they should also lend their money to small businesses in dire need of aid.
Stephen Hester, who is the head of RBS, 83% of which is state-owned, will reportedly receive a £2million bonus through shares. Eric Daniels, the ex-boss of Lloyds – where taxpayers own a considerable 41% stake – will also receive a package worth at least £2million.
Elsewhere, Barclays’ new chief exec Bob Diamond might get anything up to £9million. However, he is looking over his shoulder at Stuart Gulliver, who is in line for anything between £8million and £10million.