Friday, November 26, 2010

Vince consistent

Vince Cable used an interview on the Today Programme this morning to explain why the government had declined to introduce full disclosure of corporate salaries and bonuses within the banking industry. It has been held back - despite being a commitment from both the Tories and the Liberal Democrats - because it was felt that it might damage the competitiveness of British banks if such a measure was not introduced globally.

Curious.

There was no such reticence about the bank tax when it was introduced in the UK rather than as part of a broader global or regional deal and that certainly imposes unique costs on banks in the UK.

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