U.K.'s Labour Threatens to Restrict Bankers' Bonuses If Elected




(Bloomberg) -- The U.K. Labour Party would seek to ban excessive bonuses for bankers if it came to power, unless the financial industry takes steps to curb excessive payments.

John McDonnell, Labour's Treasury spokesman, told the Financial Times he wanted to issue a warning to the finance industry that he would "take action" if it "hasn't learnt it's lesson." A spokesman for McDonnell confirmed the details of the interview published on Friday.

McDonnell also told the newspaper he would start a consultation on measures including increasing shareholder power to restrict the size of bonuses.

McDonnell, a socialist, has frequently spoken out against excesses in the banking industry and took part in protests against the sector, welcoming the occupation by protesters of UBS Group AG in 2011. Since becoming shadow chancellor of the exchequer, though, he has softened his image and tried to engage with banks.

To contact the reporter on this story: Jessica Shankleman in London at jshankleman@bloomberg.net

To contact the editors responsible for this story: Tim Ross at tross54@bloomberg.net, Alex Morales, Stuart Biggs

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.

COMMENTS

More Related News

Trump Stews Over McCabe But Is Wary of Driving Barr to Resign
Trump Stews Over McCabe But Is Wary of Driving Barr to Resign

(Bloomberg) -- Donald Trump was surprised and angered by the Justice Department's decision not to charge Andrew McCabe with crimes, but the president is wary of acting against the former deputy FBI director out of concern he might push Attorney General William Barr to resign, according to people familiar with the matter.The Justice Department gave the White House no advance notice of its decision on McCabe, meaning Trump found out along with the public when it was announced on Tuesday, three of the people said. That created fresh point of potential tension between Trump and Barr, who has publicly criticized Trump's tweets about criminal cases DOJ is pursuing and has privately told...

From
From 'stop and frisk' to comments about women, Bloomberg faced multiple attacks in his first debate

Several of Bloomberg's Democratic competitors have hit him on a variety of issues over the past week, including in Wednesday's debate.

America
America's Coal Country Isn't Dead - It's Preparing for a Comeback

(Bloomberg) -- At least five of America's coal producers went  bankrupt in 2019. Prices for the fossil fuel have plunged 40% since a 2018 peak.  And some of the nation's largest miners are retrenching and slashing their dividends. But don't be mistaken: The fight against climate change hasn't killed off Coal Country yet.Instead of pouring money into dividends and buybacks, the nation's largest coal producers say they're hoarding cash to weather what they see as an impermanent storm. Overall, the industry returned more than $1 billion to investors last year before retrenching. The goal this year: Be ready to start mining again and paying dividends at the first sign of a market revival....

Chinese Companies Say They Can
Chinese Companies Say They Can't Afford to Pay Workers Now

(Bloomberg) -- A growing number of China's private companies have cut wages, delayed paychecks or stopped paying staff completely, saying that the economic toll of the coronavirus has left them unable to cover their labor costs.To slow the spread of the virus that's claimed more than 2,000 lives, Chinese authorities and big employers have encouraged people to stay home. Shopping malls and restaurants are empty; amusement parks and theaters are closed; non-essential travel is all but forbidden.What's good for containment has been lousy for business. With classes canceled at a coding-and-robotics school in Hangzhou, employees will lose 30% to 50% of their wages. The Lionsgate Entertainment...

Bloomberg to sell his company if elected president: campaign
Bloomberg to sell his company if elected president: campaign
  • US
  • 2020-02-19 01:49:53Z

Democratic presidential contender Michael Bloomberg will sell Bloomberg LP, the financial information company that made him a billionaire, if he is elected to the White House in November, his campaign confirmed on Tuesday. Bloomberg has risen quickly in opinion polls since entering the race for the Democratic nomination in November and he will appear in his first debate of the election cycle on Wednesday in Las Vegas. Democrats are vying for the right to challenge Republican President Donald Trump in the Nov. 3 election.

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Economy