Brown urges accountability for bankers’ benefits

Gordon Brown has stated that a “claw-back” system needs to be employed in order ensure that awards are based on long-term success.

In an interview with the Financial Times, the prime minister suggested that while he understood the banking sector was going through a troubling time, it needed to be “absolutely clear” that any remuneration was not based on short-term speculative deals.

“There is a debate, of course, about caps on bonuses and everything else.

“But I think it’s true to say that the debate will move on to whether the bonuses that are paid are, in general, too high a proportion of company revenues and profits,” he stated.

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Mr Brown went on to note that the issues could form a legitimate debate among G20 and other world leaders.

His comments follow research by Incomes Data Services, which reveals that the median rise in pay for UK workers stands at only one per cent, the lowest median pay settlement since the survey’s electronic records began.