As the FT note:
The coalition government does not plan to legislate to rein in bankers’ bonuses, urging the industry instead to regulate its own pay to regain public trust and lend more to support the economy.
“If people see that lending has not picked up, they will say, how can they justify those bonuses,” Mark Hoban, the new financial secretary to the Treasury told the Financial Times ahead of a speech to the British Bankers’ Association. “People want to see that the banking sector is all in this together.”
Does he really need to be reminded that there is not one other person in the UK who believe that bankers will do as he asks?
Bankers don’t care what other people think. When will he realise that only legislation will break this tyranny?