The UK is at the forefront of global efforts to tackle excessive pay in the financial sector and ensure that pay is aligned with performance, with a tough Remuneration Code that requires deferral of at least 60% of bonuses of senior bankers and limits the amounts that can be paid in cash. Bonuses are down significantly since their peak under the last Government, and are now largely deferred and paid in shares.<\/p>
<\/p>
<\/p>
In contrast, the EU's bonus cap is a poorly thought through measure that undermines rather than reinforces our efforts by pushing up fixed pay. It was introduced without any proper impact assessment and has issues around its compatibility with the EU Treaty; for these reasons we are challenging it in the European Court of Justice. However, pending the outcome, the Government is fully implementing the cap in the UK, and the Prudential Regulation Authority is responsible for ensuring that the banks comply with these rules.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4117", "label" : {"_value" : "Biography information for Andrea Leadsom"} } , "answeringMemberConstituency" : {"_value" : "South Northamptonshire"} , "answeringMemberPrinted" : {"_value" : "Andrea Leadsom"} , "dateOfAnswer" : {"_value" : "2014-07-03", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2014-07-03T15:39:53.0572412Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "CaTreasury"} , "date" : {"_value" : "2014-06-26", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Banks: Pay"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask Mr Chancellor of the Exchequer, what discussions his Department has had with the (a) Prudential Regulation Authority and (b) Financial Conduct Authority about reports of UK banks paying allowances to employees in order to avoid the EU's bonus cap; and what steps he plans to take to reduce such practices.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/437", "label" : {"_value" : "Biography information for Sir David Crausby"} } , "tablingMemberConstituency" : {"_value" : "Bolton North East"} , "tablingMemberPrinted" : [{"_value" : "Mr David Crausby"} ], "uin" : "202634"} , {"_about" : "http://data.parliament.uk/resources/58429", "AnsweringBody" : [{"_value" : "HM Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/58429/answer", "answerText" : {"_value" : "
Table 1: Bolton North East constituency Working Tax Credit entitlement<\/p>
<\/p>
Tax Year<\/p><\/td> | Total WTC entitlement<\/p><\/td><\/tr> |
2010-11<\/p><\/td> | £19 million<\/p><\/td><\/tr> |
2011-12<\/p><\/td> | £18 million<\/p><\/td><\/tr> |
2012-13<\/p><\/td> | £1 <\/p> <\/p> These figures have been rounded to the nearest £ million.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/1529", "label" : {"_value" : "Biography information for Mr David Gauke"}
}
, "answeringMemberConstituency" : {"_value" : "South West Hertfordshire"}
, "answeringMemberPrinted" : {"_value" : "Mr David Gauke"}
, "dateOfAnswer" : {"_value" : "2014-06-12", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "true", "_datatype" : "boolean"}
, "previousAnswerVersion" : {"_about" : "http://data.parliament.uk/resources/58429/answer/previousversion/939", "answeringMember" : {"_about" : "http://data.parliament.uk/members/1529", "label" : {"_value" : "Biography information for Mr David Gauke"}
}
, "answeringMemberConstituency" : {"_value" : "South West Hertfordshire"}
, "answeringMemberPrinted" : {"_value" : "Mr David Gauke"}
}
, "questionFirstAnswered" : [{"_value" : "2014-06-12T14:42:34.88Z", "_datatype" : "dateTime"}
], "questionFirstMinisteriallyCorrected" : [{"_value" : "2015-03-24T12:39:34.773Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "CaTreasury"}
, "date" : {"_value" : "2014-06-05", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Working Tax Credit: Bolton"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask Mr Chancellor of the Exchequer, how much has been paid through working tax credits to people in Bolton North East constituency in each of the last three years.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/437", "label" : {"_value" : "Biography information for Sir David Crausby"}
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, "tablingMemberConstituency" : {"_value" : "Bolton North East"}
, "tablingMemberPrinted" : [{"_value" : "Mr David Crausby"}
], "uin" : "199151"}
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