Senior bankers work together in talks with government over bank bonuses

SENIOR bankers have been lobbying the government and regulators not to disadvantage the UK on the international stage over the issue of bank bonuses.

The group led by Barclays chairman Marcus Agius, Sir Philip Hammond, chairman of Royal Bank of Scotland (RBS) and Barclay’s outgoing chief executive, John Varley, are believed to be lobbying global financial regulators to reach a workable international solution, instead of the UK acting on its own.

The trio are believed to have held a number of conversations with senior Treasury advisers and chancellor George Osborne, according to weekend reports.

All three were in Washington DC this weekend, lobbying on the sidelines of the International Monetary Fund’s meeting where it was thought they were likely to try to raise the issue with Osborne.

Although no workable solution has yet been reached, the trio want an international pact that would ensure that banks and bankers operating from the UK are not unduly penalised.

The banks fear a repeat of last year’s outcry over bonuses but warn of the competitive harm that could be done by the UK acting alone in imposing additional taxes.