The Upcoming
  • Culture
    • Art
    • Cinema
      • Movie reviews
      • Film festivals
    • Food & Drinks
      • News & Features
      • Restaurant & bar reviews
      • Interviews & Recipes
    • Literature
    • Music
      • Live music
    • Theatre
    • Shows & On demand
  • Fashion & Lifestyle
    • Accessories
    • Beauty
    • News & Features
    • Shopping & Trends
    • Tips & How-tos
    • Fashion weeks
  • What’s On
    • Art exhibitions
    • Theatre shows
  • Tickets
  • Join us
    • Editorial unit
    • Our writers
    • Join the team
    • Join the mailing list
    • Support us
    • Contact us
  • Interviews
  • Competitions
  • Special events
    • Film festivals
      • Berlin
      • Tribeca
      • Sundance London
      • Cannes
      • Locarno
      • Venice
      • London
      • Toronto
    • Fashion weeks
      • London Fashion Week
      • New York Fashion Week
      • Milan Fashion Week
      • Paris Fashion Week
      • Haute Couture
      • London Fashion Week Men’s
  • Facebook

  • Twitter

  • Instagram

  • YouTube

  • RSS

Current affairs

Osborne in Brussels to fight plans for bankers’ pay‏

Osborne in Brussels to fight plans for bankers’ pay‏
5 March 2013
Lucy EJ Woods
Avatar
Lucy EJ Woods
5 March 2013

Chancellor of the Exchequer, George Osborne, visited the European Commission in Brussels today to argue against caps to bankers’ pay in the UK.

Osborne is reportedly facing the 27 EU representatives to stop new regulations, which could harm the UK’s financial sector.

A press release states the EU Commission “broadly endorsed the outcome” of the recent “package amending the EU’s rules on capital requirements for banks”.

The EU has proposed capping bankers bonuses to twice their salary, if shareholders allow.

The bloc parliament is still to decide “on outstanding technical issues, with the aim of reaching a final deal in the second half of March.”

The Commission has also said it will be “taking into account” the  “impact on competitiveness and financial stability” of the proposed regulations.

Osborne is to allegedly back the UK’s independent bank regulations, strategised in The Independent Commission on Banking (IBC), which states: “The Government is on track to have all legislation in place by the end of this Parliament (2015), and banks will be expected to have implemented reforms by 2019 at the latest.”

The European Union wants new bank regulations to be law by 1st January 2014.

Osborne claimed in a speech to JP Morgan on 4th February that the UK “now has the toughest and most transparent pay regime of any major financial centre in the world.”

He added that bank bonuses “fell by almost two thirds last year, and are less than a quarter of their peak before the crash.”

Osborne also said: “When we attract international firms to our country – firms that could go anywhere in the world to do their business – those firms bring jobs, and investment and prosperity…Britain should continue to aspire to be a home to the world’s financial services.”

Re-Define, an international economics Think Tank said on 25th February: “The European parliament is right to limit the maximum bonus bankers can command as a proportion of base salary.

“This will help tackle the culture of excessive risk-taking and the bending of rules that has now become endemic to banking. Undertaking this at an EU-wide level will also limit any large-scale migration of the so-called ‘talent’.”

Lucy Woods

Related Items

More in Current Affairs

Changes to expect during menopause

The editorial unit
Read More

Nek brings Italian pop rock to the Shepherd’s Bush Empire

The editorial unit
Read More

Why Equity Linked Savings Schemes is a preferred tax saving?

The editorial unit
Read More

How the world’s top designers would rebrand political parties

The editorial unit
Read More

Royal baby furore: Proof that the British monarchy is still popular?

Eoin O’Sullivan-Harris
Read More

World Mental Health Day 2018: Raising awareness and combating stigma

The editorial unit
Read More

Seven political personalities you should know about

The editorial unit
Read More

Donald Trump: An enemy of the arts?

The editorial unit
Read More

Trump’s fortune: Where did the money come from?

The editorial unit
Read More
Scroll for more
Tap
  • Popular

  • Latest

  • TOP PICKS

  • We Still Fax at ANTS Theatre Online
    ★★★★★
    Theatre
  • Live Lab at The Yard Theatre: An interview with associate director Cheryl Gallagher
    Theatre
  • Arlo Parks – Collapsed in Sunbeams
    ★★★★★
    Album review
  • The Capote Tapes
    ★★★★★
    Cinema
  • Green stars, two female chefs at the top and a controversially quick award: This is 2021 UK Michelin Guide during the pandemic
    Food & Drinks
  • Crobar: Music When the Lights Go Out
    ★★★★★
    Cinema
  • Green stars, two female chefs at the top and a controversially quick award: This is 2021 UK Michelin Guide during the pandemic
    Food & Drinks
  • Assassins: Exclusive new clip
    Cinema
  • Identifying Features
    ★★★★★
    Uncategorised
  • Schemers
    ★★★★★
    Cinema
  • Green stars, two female chefs at the top and a controversially quick award: This is 2021 UK Michelin Guide during the pandemic
    Food & Drinks
  • Identifying Features
    ★★★★★
    Uncategorised
  • Arlo Parks – Collapsed in Sunbeams
    ★★★★★
    Album review
  • Identifying Features
    ★★★★★
    Cinema
  • We Still Fax at ANTS Theatre Online
    ★★★★★
    Theatre
The Upcoming
Pages
  • Contact us
  • Join mailing list
  • Join us
  • Our London food map
  • Our writers
  • Support us
  • What, when, why

Copyright © 2011-2020 FL Media

Education budget under threat in coalition spending row
Seven days of mourning in Caracas after Hugo Chávez dies