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Article: Britain and US frustrate global deal on bonus cap
- Article from:
- The Independent (London, England)
- Article date:
- September 5, 2009
- Author:
CopyrightCopyright 2009 The Independent - London. Provided by ProQuest LLC. (Hide copyright information)
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Opponents of pay policy say attempt to limit bankers' income
would be unworkable
Attempts to clamp down on bankers' bonuses to prevent another
global financial crisis were in disarray last night as Britain and
America opposed proposals by other European Union nations. Alistair
Darling, the Chancellor, admitted that G20 finance ministers were so
divided that they were unlikely to reach a detailed agreement on
bonuses at their meeting in London, which began last night and
concludes today. He expected that "further work" would be needed
before G20 leaders gather in Pittsburgh on 24 September.
France led calls for a cap on individual bonuses but Britain and
America, while backing common rules ...