Britain has promised new laws to crack down on excessive bankers bonuses.
Speaking at the Labour party conference in Brighton Chancellor Alistair Darling, Britain’s finance minister, said it was not a case of business as usual and he would not allow the ‘greed and recklessness’ of a few to jeopardise the global economy again.
“It will mean an end to immediate pay-outs for top management, any bonuses will be have to paid out be paid over years, so they can be clawed back if not warranted by long-term performance. We won’t allow greed and recklessness ever again to endanger the whole global economy and the lives of millions of people,” Darling said.
With a general election on the horizon there is arguably concern in Labour ranks that a return to large fat cat bonuses could result in a backlash from voters.