Andrew Haldane, a Bank of England official, has suggested that bonus deferral and claw-back periods should be extended to 10 years or more for bank executives. While we sympathise with the view that regulation is not sufficient, this proposal is unworkable and counterproductive. Who would work on that basis? 10 years is a long time. A young banker, aged 25, would have to wait until he was 35 to enjoy the benefits of his effort. You might as well work under communism. One suspects that Bank of England officials – typical of government employees – have lost touch with reality. Proper banking reform has still not been enacted. Command and control systems are no substitute.
Heinz Geyer, managing director of Temple Associates and Recruitment.
Back to business
[Re: Another wound , Wednesday]
The public doesn't care about the Leveson Inquiry. I don't think this was a major scandal nor do I think will have any real effects. The BSkyB acquisition should be a subject for the Competition Commission, law breakers should be punished and we all should move on swiftly to real matters.
[Re: Recession in Downing Street, yesterday]
You're right that the failure to address supply side issues is key. But that all leads back to Cameron's poor decision to install the anti-business secretary. He should have given the LibDems other departments. Vince Cable loves red tape, and hates wealth creation.
The Leveson Inquiry is becoming a political ballgame. It should have ended long ago and the job left to the police.
Tory MPs are now arguing GDP might be revised up and so we don’t need to take action despite double dip. Complacent.
Regardless of whether these figures are accurate, Osborne should use them as an excuse to launch supply-side reform plans.
Siobhan Benita: “I’m honest and normal.” Verdict: I’m bored already.