we will veto cheap canada goose uk it, Cameron told parliament

UK’s Cameron ducks Labour call for RBS bankers’ bonus cap

canada goose womens outlet LONDON, Jan 15 (Reuters) British Prime Minister David Cameron refused on Wednesday to answer a call to cap individual bank bonuses at the largely state owned Royal Bank of Scotland, but said he would veto any increase in the bank overall pay pot. canada goose womens outlet

canada goose outlet hong kong Bankers pay leapt into British political focus ahead of the annual financial sector bonus season, when the opposition Labour party called on the government to block any attempt by RBS to pay its top staff bonuses worth twice their salary. canada goose outlet hong kong

The Conservative led government stopped short of agreeing to that, saying it had yet to receive any proposal from RBS.

canada goose outlet toronto location But, in an effort to show canada goose factory sale his government is taking a hard line on excessive pay, Cameron promised that the government would use its veto power canada goose coats as an 81 percent shareholder in RBS to block any rise in the overall pay pot at RBS investment bank. canada goose outlet toronto location

canada goose outlet in toronto there are any proposals to Canada Goose Jackets increase the overall pay, that is pay and bonus bill at RBS, at the investment bank. we will veto cheap canada goose uk it, Cameron told parliament. canada goose outlet in toronto

goose outlet canada RBS had been expected to join rivals, such as Barclays and HSBC, in seeking shareholder approval to pay bonuses twice the size of salaries. A European Union bonus cap lets banks double bonuses if they win shareholder backing. goose outlet canada

canada goose jacket outlet toronto Hoping to cash in on Britons dim view of bankers, Labour http://www.canadagoosesalesus.com argued that the government should not allow the heavily loss making bank to canada goose uk outlet bypass the EU cap at a time when ordinary families Canada Goose Outlet living standards are being squeezed by stagnant pay. canada goose jacket outlet toronto

Labour finance spokesman Chris Canada Goose Online Leslie called Cameron veto on total pay complete red herring highlighting that with RBS shedding staff, it provided little Canada Goose online restraint.

The furore will hamper efforts by new RBS boss Ross McEwan to steer calmly through canada goose coats on sale the bonus season. McEwan waived his annual bonus following public anger over the pay of his predecessor Stephen Hester.

Britain finance minister George Osborne and many banks in London oppose the EU curbs, arguing they will force up fixed salaries and could drive important staff to rival institutions.

canada goose discount uk Bank of England Governor cheap Canada Goose Mark Carney also canada goose outlet told Britain Treasury Select Committee on Wednesday that he agreed that a bonus cap was not the best way to control bankers pay. canada goose discount uk

canada goose outlet belgium RBS, rescued by a 45 billion pound ($ 74 billion) government bailout during the 2008 financial crisis, said that no canada goose clearance sale decisions had yet been taken on pay and conversations were uk canada goose outlet continuing with shareholders. canada goose The Treasury declined to comment. canada goose outlet belgium

LABOUR BANK canada goose uk black friday REFORMS Ahead of a 2015 election Labour proposal formed the first canada goose black friday sale part of a renewed push to convince voters the party had learnt the lessons of the financial crisis which occurred during their time in power.

Labour has around a 5 percentage point overall lead over the Conservatives in opinion polls, but the public view of its economic management skills lags that of Cameron party.

Labour leader Ed Miliband is expected to unveil proposals to force Britain biggest banks to sell branches in a keynote speech on Friday, although party sources would not give any further details of his plans.

Speaking to The Times newspaper, RBS chairman Philip Hampton said any forced disposals of branches would be expensive citing the difficulties the bank has experienced selling 315 branches that it was ordered to offload by the European Commission.

already taken us four years and there is still a year or two to go. We paid a billion uk canada goose quid [in separation costs]. It incredibly expensive, he said.

canada goose outlet usa RBS has shrunk its investment bank since 2008, meaning it has fewer staff than competitors who could be in line for big bonuses. However, it still paid out more than 600 million pounds in bonuses last year, including payouts of more than a million pounds to 93 employees. canada goose outlet usa

The bank had 368 so called staff or those in risk taking positions, in 2012, earning an average of 700,000 pounds. Their bonus was on average 1.3 times their fixed pay.

canada goose outlet canada RBS made a pretax loss of 634 million pounds in the third quarter of 2013, although that was down from a 1.4 billion loss a year ago canada goose outlet canada.