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News - 24 November 2014

Chancellor withdraws legal challenge to EU legislation

The Government has withdrawn its challenge to EU legislation that caps the level of bankers' bonuses, following the rejection of its legal arguments by the European Court of Justice.

The Treasury had argued that the cap would drive talent out of Europe and inflate basic pay, making it harder for banks to trim costs in lean years.

Chancellor George Osborne said "I'm not going to spend taxpayers' money on a legal challenge now unlikely to succeed."

The cap restricts bonuses to 100% of banker's pay or 200% with shareholder approval and is designed to reduce incentives for bankers to take excessive risks, but critics say it will push up basic pay and banks' costs.

Labour's Shadow Chancellor, Ed Balls said: "This is a humiliating climb down by George Osborne.
"He should tell taxpayers how much money he has now wasted on this challenge, which we warned him against.

Mr Osborne wrote a letter to Bank of England governor Mark Carney saying that
"Ensuring that firms incentivise employees to behave in the right way is essential to restoring public trust in financial markets."

A spokesman for the British Bankers' Association said: "We believe that shareholders should be given powers to determine staff pay - not politicians. That's why banks consult with investors before setting staff pay and shareholders also have the power to vote on the pay of senior bankers.”

For those who are looking for a more personal approach on a range of individual and business related issues, contact us at ABDS.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients and
mindful of their long term strategic goals

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