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Smaller bonuses

1) All bonuses over 2,500 would be payable in shares, which couldn't be redeemed, or pledged as security for loans or turned into anything spendable for at least five years.

2) No one on the board of a bank, not even the chief executive, would be eligible for a penny of bonus.

What to say about this? Chances are that, were the C pay code implemented, it would be a pretty fast route to a smaller British based banking sector, a smaller City as bankers and banks would doubtless make a panicky run to a more benign tax climate.

C would probably say "good riddance to bad risks".

And they would say that the bonus jihad is just a stepping stone to a structural reform of the banking system: the break up of banks and the stimulation of competition to eliminate what they see as the excess profits that generate the bonuses.

C talk about this with total moral and economic certainty. Unlike Labour and the Tories, they have reached a settled position that the tax revenues and employment generated by a bulging City are inadequate reward for the risks to the stability cartier diamond love bracelet of the economy and to social cohesion from a vast financial industry built on debt, speculation and substantial bonuses.

Anyway, to state the obvious, it'll be an unusual investment banker who votes Lib Dem in the coming election.

More generally in the City, the C pay policy will be dismissed as the extremist grandstanding of a party with no chance of winning power.

But that would be a bit naive. Vince Cable's voice has been louder than any other British politician's since the Crunch became full scale banking crisis. Where he leads, Labour and the Tories do not slavishly follow. But nor do they ignore him.

At the very least, if C have opted for a hairshirt, fundamentalist bonus prohibition, no banker should expect that the general political and popular attitude to their wonga will become markedly more benign any time soon.

Comment number 1. At 10:56 13th Apr 2010, openyoureyes wrote: Now if the Tories were to promise a break up of investment/retail banks they would sail through the election.

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Comment number 2. At 10:59 13th Apr 2010, yam yzf wrote: I am sure banks would be willing ro consider this if politicians:

1) All expenses over 2,500 would be payable in shares of UK companies, which couldn't be redeemed, or pledged as security for loans or turned replica sell cartier bracelet into anything spendable for at least five years.

2) No member of the cabinet, not even the prime minister, would be eligible for a penny of expenses.

3) Loss making governments would be banned from receiving pensions when they are voted out/retire.

4) Every MP to be paid the national average that they use for everyone else.

5) No MP is to receive a pay rise more than that given to pensioners in the budget

6) All UK laws to also apply to HoC

Somehow, I can't see that happening.

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Comment number 3. At 11:03 13th Apr 2010, scrchngwsl wrote: And I thought they were the "Liberal" wing of the party.

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Comment gold bracelet cartier fake number 4. At 11:06 13th Apr 2010, Noel Woodroffe wrote: Seems to me like everyone is bashing the scape goat banks. However, we should be bashing ourselves for following a commercial mantra, for massive consumerism, for holding money so dear. That is the problem, GREED. The banks merely enabled gold bracelet cartier copy people to be greedy and profited (or not) from so doing. For me as an old labour union man I shall never vote labour again, not since 97. I will not vote libdem as they are missing the whole point. Tories? Well, I think MT has a lot to answer for our current situation. Perhaps BNP will get my vote. And that goal does not necessarily mean self aggrandisement.

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Comment number 5. At 11:12 13th Apr 2010, DebtJuggler wrote: These policies don't nearly address the systemic risk.
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