UK banks under pressure to confirm number of high earners

Lord Myners, the City minister, will today put forward proposals which will go further than many had expected on the subject of remuneration and salaries in the financial sector. It is believed that he will put forward plans to reveal how many members of staff earn £500,000 or more in each financial institution in the UK. While no individual names will be released to the public it is hoped that the publication of high-earners in the UK financial industry will at least rein in the excessive risk-taking and high remuneration packages we have seen in the past.

There will be additional brackets to sure how many members of staff earn over and above £500,000 a year in a move which is sure to put the UK government at loggerheads with highflyers in the city. There is no other industry in the UK which forces companies to issue details on staff remuneration so why is the UK financial sector to be the subject of these conditions?

In many ways the UK financial sector is very different and much stronger than any other sector in the UK business arena. As a consequence, and the fact the financial sector is the engine room of the UK economy, the government and regulators are looking to stamp out undue risk-taking and high remuneration packages. It will be interesting to see how the banking arena reacts to this move which is certain to upset many highflyers in the city who have, and continue to, consider their positions in the UK.