Govt forces pay transparency but not bonus tax on banks

Laura Miller
clock

Banks will reveal salary details of their highest paid staff and lend businesses £190bn this year under Project Merlin, but their top earners will not be hit with a bonus tax, the government said today.

In the deal hammered out between ministers and the City, banks will increase lending including £76bn to small firms, and improve transparency around staff pay. HSBC, Barclays, Royal Bank of Scotland (RBS) and Lloyds Banking Group have signed up to Project Merlin, while Santander has agreed to the lending parts of the agreement. The Bank of England will monitor whether loans targets were being met. Under the deal, the aggregate 2010 bonus pool of the four banks UK-based staff will be lower than in 2009, the Treasury says, though it does not say by how much. However, Chancellor...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Feel Good Friday: Brooks Macdonald gives sports wellbeing advice

Feel Good Friday: Brooks Macdonald gives sports wellbeing advice

Wealth manager has partnered with charity Sporting Wellness

Professional Adviser
clock 03 May 2024 • 1 min read
Adviser guide aims to 'demystify' Consumer Duty annual reporting

Adviser guide aims to 'demystify' Consumer Duty annual reporting

Firms to produce first annual Consumer Duty board report

Sahar Nazir
clock 02 May 2024 • 1 min read
Behavioural coaching a 'tough sell' among prospective clients

Behavioural coaching a 'tough sell' among prospective clients

‘Clients overlook major sources of value from advisers’

Isabel Baxter
clock 02 May 2024 • 1 min read