Archbishop of Canterbury on Bankers’ Bonuses

Giles Cadman

by Giles Cadman

The Archbishop of Canterbury, Justin Welby, has come out against Brusselsmove to limit bankers bonuses.

Speaking to LBC RadioArchbishop Welby, who also sits on the Parliamentary Commission on Banking Standards, yesterday warned that capping bonuses could simply lead to higher base salaries in the industry.

“To be honest, I think it’s quite a blunt instrument that, what you then do, of course, is you up the base salary,” he said.

“When it works a bonus system where you can take away the bonus, or claw it back in future years, is quite a good thing.

“And so quite a low basic salary and then people get more when they do a brilliant job and if they do a bad job, they get it clawed back… does give banks more control of the cost of employing their senior staff.”

However, he said that “we…

View original post 184 more words


Goaty's News welcomes your replies. Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.