INDUSTRY NEWS

PM faces bonus questions

The prime minister is facing questions from the liaison committee regarding banking bonuses.

Gordon Brown has previously said he wants to challenge the bonus culture that prevails in City banks and their offices in London.

The chairmen of all the Commons committees are also expected to hold Mr Brown to account for his decision to appoint Sir James Crosby to be deputy head of the Financial Services Authority (FSA) in 2003.

Speaking recently about the bonus culture in banks and financial institutions, the prime minister said he was hoping for change.

He recently told financiers he would “aggressively” pursue a policy of “no rewards for failure”.

“We are leading the world in sweeping away the old short-term bonus culture of the past and replacing it with a determination that there are no rewards for failure and rewards only for long-term success.”

ITV has announced it is to impose a pay freeze on its top executives – those earning £60,000 or more will not receive a pay rise this year.
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