Britain pledges to curb bankers bonuses

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.More about: Banking, United Kingdom

Copyright © 2012 euronews