EU banker pay cap 'threatens thousands of British jobs'

The Government signalled its growing anger over European Union plans to impose a cap on pay for bankers this weekend when a senior minister with close ties to the Chancellor said that hundreds of thousands of British jobs were being put at risk.

Michael Fallon, the enterprise minister, said that the Treasury will demand at meetings in Brussels this week that the proposals are flexible enough to allow UK banks and foreign banks based in London to pay competitive rates.

Contemplato: Wow 4 nearly identical stories about the EU's war on our city. Seems to me that the DT is the one on the warpath… A sponsored warpath? I wonder. In 2008, everyone was calling for caps to bankers bonuses. But because our invertebrate elected 'leader' has done nothing, it has fallen to the EU. If we are really that reliant on the financial sector then perhaps we should take a deep hard look at our economy and our future.

limping: Well, one shouldn't really be surprised, shoud one, given that the owners of this amazing paper are tax-dogers living on their private island in the channel…Why should they care about the welfare of the public?

soothsayer: I'll give it 20 minutes before the above post is censored, sorry, moderated.

chiptheduck: Your last sentence is spot on Contemplato!!

dalai guevara:  …so is the second to last.

Antiehypocrite: Have friends in recruiting for finance in Hong Kong. Because of the air pollution they often have top candidates turn down offers. But as they say it's not as if there is only one person in the entire world that can do the job, so if the first or even second or third candidate passes, they always find someone capable. And who knows - the 5th rated person might turn out to be better than the number one person. Don't believe this banker BS about how special each and everyone  of them is.   Believe me if you cut pay most of them will stay (family, friends, schools, homes etc are bigger anchors than pay)… And if a few of them do move somewhere else well good riddance, there are plenty of others lined up around the block looking for an opportunity.

melstin:  "Because of the air pollution they often have top candidates turn down offers" One week spent in HK, Singapore and Dubai was the most I could take. All were stifling hot, very polluted, extremely congested and highly expensive too. Hardly family friendly places, I might add. The notion that HK give their best and most highly paid jobs to foreigners just like that, is risible, especially because there is no shortage of local talent who fully understand the local business culture and above all, can speak and write the  language. A few might go, but most would have to lump it.

danny263: Damn right. I'm completely sick of the Telegraph's pathetic attempts to sustain the myth that this failed industry is somehow staffed by 'Masters of the Universe'. Truth is, You could cut the renumeration of banking jobs by 90% and still find people perfectly willing and able to carry them out.

limping: I completely agree. Have been in banking for more than 30 years, only middle-management, not on the top, but I’ve seen them: Some of the “Greats” at UBS couldn’t even carry their own attaché case, they needed someone else to do it. But all of them know how to sell semselves. And about the fixing of the Libor I knew about it for at lest 30 years, contrary to the Big Cheese of the Bank of England. So either he is stupid, or he is lying, take your pick!

vielnick: Exodus of the top talents   If these top talents act like in the City and damage public welfare, taxpayers and honest savers, in Singapore , Malaysia and China they would end up before a firing squad.

londonguy: EU Banker Pay 'threatens thousands of British jobs' Total rubbish. What has threatened millions of jobs is the utterly, utterly reckless behaviour of that work in The City.

wol:  . Yes, utter bollox If these bankers set up their banks using their own money no-one would begrudge them taking whatever they felt appropriate from the till. But they don't: they are just as much employees of the banks' shareholders  as the tellers behind the counters. If they can't get out of bed without trousering several million a year plus grotesque bonuses plus huge sums when the profits drop and they get sidelined just *let* them go abroad. I would be very surprised if any bank doesn't have dozens of executives who would be quite happy to take over for a large, rather than obscene, salary. And do just as well, or badly. .

fla56:  to be be frank bankers aren't just accountable to shareholders -ever since the bailouts they became public servants

robnorthlondon : Socialism wrecks everything it touches as well as history always shows.   We are all caught between the red devil and the deep blue sea.

ombzhch:  And we, the Awiss will vote to install a cap, the Meiner Initiative, tomorrow at the Absimmung. MFG, omb

returntochivalry: That's right the Swiss have signed up to it.  George Osborne, David Cameron and their cronies desire to protect the interests of their excessively wealthy chums is looking even more exposed.

limping: We are called Swiss, and the man who started it is called Thomas Minder. According to latest polls, its going to be accepted with more than 60%! Perhaps British politicians could learn a thing or two…

Michael Ernest Corby: Yes but aided and abetted by our politicians.

bobbyboyce:  When the communists got in in 1997 the writing was on the wall. All the decent people got out and left matters to rot. That's what you get when you allow communists to run things. The truth is that no self respecting person would work under conditions created by communists, they will get out with as much as they can and leave matters to the fools. That is continuing now and Mr van Rompuy and friends will continue the process.

limping: ???What are you talking about???

rennie:  He's 'talking' about Blair.   Don't you realise Blair was very, very Conservative.

hawkerhurricane: If Tony Blair/New Labour are "communist", then Karl Marx would be spinning so hard in his grave that we'd be able to power Britain just by hooking up a generator to his grave Blair was Thatcher's greatest achievement, as she said.

webferret: And yet no one has gone to jail! If I walked onto someone's driveway and took their car, it would not be called theft in the eyes of the banks, but "misstaking", if I got caught!