Yesterday, on the eve of the
Labour party conference in Brighton,
the prime minister declared that the Government would "ban the old bonus system" with measures representing "the toughest action of any country in the world". Today, in a
conference speech, the
chancellor provided further detail (although not much):
... in the next few weeks we will introduce legislation to end the reckless culture that puts short-term profits over long-term success. It will mean an end to automatic bank bonuses year after year. It will mean an end to immediate pay-outs for top management. Any bonuses will have to be paid over years, so they can be clawed-back if not warranted by long-term performance".
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