Government will not limit bankers’ bonuses

The government will not limit the amount of bonuses that banks can award their staff, according to a spokesperson for David Cameron.

The government has come under pressure to set tough rules on bankers bonuses, particularly the large payouts at banks which needed state support during the financial crisis.

However Downing Street has announced it does not intend to intervene in the payment of bonuses.

On Monday 10 January, a spokesperson for the prime minister, said: “We have made a broad statement which is about the need to see some restraint and some responsibility from the banks, but we are not going to set bonus pools for individual banks.”

Speaking on the BBC’s The Andrew Marr show on Sunday, Cameron said he wanted to see lower bonus pools in 2011, but that banks could not be “micro-managed”.

Cameron said: “What I want to see is socially responsible banks behaving responsibly, lower bonus pools than last year’s, responsible levels of remuneration, proper agreements on lending to businesses large and small, and being good citizens in the community.”

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