Gordon Brown has expressed concern over the size of bonuses paid to City
Brown blamed ‘irresponsibility’ in addition to the City’s culture of bonuses as
having sparked the crisis in financial markets, the FT reported.
Planned measures are being discussed within the Financial Services Authority
(FSA), including the possibility of banks being obliged to retain capital if
excessive risks were carried out in securing bonuses.
‘There’s an element of the bonus system that is unacceptable… everyone knows
there is going to have to be changes in that,’ Brown said.
Along with Treasurer Alistair Darling, Brown has been under increasing
pressure to restrict executive bonuses.
A new middle-class tax cut funded by a 45% rate of tax on those earning more
than £175, 000 per year has also been proposed by MP’s and trade unions.
The application of robotics in finance functions is moving faster than predicted. Although, companies are cautious in how they are applying artificial intelligence to ensure results first, many are stepping up their investigations
EU competition commissioner Margrethe Vestager has defended the decision to order technology giant Apple to pay €13bn (£11bn) in back taxes to the Irish government
Carillion has announced the appointment of a new finance director as it reported a rise in first half profits and sales led by strong growth in its support services business
The UK inflation rate hit its highest level in almost two years in July, suggesting that the sharp fall in sterling following the UK referendum to leave the European Union is forcing prices up