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…

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