Osborne seeks EU support on bank bonuses

Article reports that United Kingdom Chancellor of the Exchequer (Finance Minister) George Osborne was to write to European finance ministers in November 2010 seeking support for common rules on the disclosure of bankers’ bonuses, a move that will delay the introduction of such regulations on pay in the UK.

The Chancellor’s decision to hand the issue over to the EU follows intense lobbying by the City against a more transparent regime that would force banks to disclose details of £1m-plus bonus payments from 2011.

ESO: Background information: EU leaders unite against bank bonuses http://www.europeansources.info/record/eu-leaders-unite-against-bank-bonuses/

---