The Chancellor is expected to argue against the crackdown at a meeting of European finance ministers on Tuesday, in spite of a fresh public outcry over the behaviour of bankers in the wake of the rate-rigging scandal.
Mr Osborne will argue that the proposals, to set a maximum 1:1 ratio of bonus to pay, are not the right way to curb City remuneration.
Officials insist that he had taken the same position before details of the Libor rate-fixing scandal emerged, and it has not changed, the Financial Times reported.
But the timing of the meeting is likely to make it politically risky for him to make such a case, with the Chancellor potentially facing the accusation of being in cahoots with bankers despite allegations about their reckless behaviour.
It comes amid outrage that Barclays chief executive Bob Diamond may still be in line for a multi-million pound pay-out following his resignation over rate rigging. » | John-Paul Ford Rojas | Saturday, July 07, 2012
My comment:
This is clearly a case of out-of-touch Osborne defending the indefensible. This man is not in power to serve the people, but to serve his cronies. – © Mark
