Lib Dem leader promises to crack down on bank bonuses
Published 13/04/2010 | 05:00
Loss-making banks would be banned from paying discretionary bonuses under tough new Liberal Democrat plans.
Leader Nick Clegg said the measure, details of which will be launched this morning, would ensure there were "no rewards for failure". He added: "Bankers must understand that after the billions pumped into the banking sector, there can be no financial or moral justifications for the obscene bonuses which are still being paid out.
"That is why today we are unveiling five key proposals to bring the bonus culture in banking under control.
"There must never again be rewards for failure. It's simple: if you're not making money, you shouldn't have a bonus. That's just common sense."
Mr Clegg said Labour had "ducked doing anything meaningful" on bankers' bonuses and he would "put money on the Conservatives doing exactly the same".
The Lib Dems' latest announcement came as Mr Clegg revealed in an interview he was "excited" about appearing in the UK's first ever election TV debate on Thursday, describing it as a "huge job interview in front of the whole nation".
Mr Clegg said he would try and enjoy himself rather than "constantly worrying about saying this or that".
He said his wife Miriam Gonzalez Durantez, a leading international trade lawyer, had advised him to "speak with conviction, speak with feeling". Ms Durantez, who was also interviewed, said that the way in which political wives were portrayed by the media was "patronising".
"It is a bit frivolous . . . I think that the voters deserve better, they deserve to have more focus on the policies and less on the clothes."