Campaigners for City and pay reform were concerned by the Barclays proposals. David Hillman, a spokesman for the Robin Hood Tax campaign, which lobbies for a tax on bank transactions, said: “Despite protestations to the contrary, it’s clear that banks have still not curbed their addiction to grotesque levels of pay. Having brought down the global economy, accepting reduced bonuses should be the least bankers do to make amends.
“Rather than taking the EU bonus cap to court, the UK government should be ensuring such excessive wealth helps pay for the sector’s past mistakes,” Hillman said.
All rather D. Spart really.
And here’s the problem with his logic. The cap on bonuses was imposed specifically because, in theory at least, the chasing of bonuses led bankers to take risky decisions. Curb the bonuses and you’ll curb the risk taking.
Now that bonuses are curbed the little tosspot is changing his tune. It’s the total amount of money that irks him, not the risks.
Jealousy in other words.