Lord Brooke of Sutton Mandeville
Main Page: Lord Brooke of Sutton Mandeville (Conservative - Life peer)Department Debates - View all Lord Brooke of Sutton Mandeville's debates with the HM Treasury
(14 years, 1 month ago)
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Lord Sassoon
My Lords, that is precisely why we want to make sure that there is a better alignment between the way that remuneration is paid and the mitigation of risk that should be there. It is precisely to get a better alignment with the risks that are incurred that we are supporting the measures that are being taken globally—limiting the amount of bonus taken up front in cash and deferring a significant proportion of bonuses in line with the proposals of the G20.
Lord Brooke of Sutton Mandeville
My Lords, can my noble friend remind me which Administration were in power when this problem developed?
Lord Sassoon
My noble friend is completely right that this problem arose under the watch of the last Administration, who implemented a one-off bonus tax that is now widely regarded to have been a failure—so we have to take the time to find a better way of dealing with this in the medium term.