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PPI: Bonus rules should be applied on international level, says Osborne

Chancellor George Osborne has claimed that regulations forcing banks to disclose bonus payments should be instigated on an international level.

Speaking to BBC Radio 4, Mr Osborne was asked to respond to newspaper reports which claimed he was planning to modify rulings which would require firms to reveal the value of bonus packets over £1 million.

"There are European rules that are being developed in this area and it might be better for Britain to promote this internationally rather than just unilaterally," he said.

Last year, Sir David Walker released a report calling for greater transparency in the banking sector but has since expressed his disappointment at the lack of support from other countries.

Mr Walker wrote in the Financial Times that the UK would be mistaken if it were to go through with the proposals alone.

Business secretary Vince Cable has responded to the Chancellor's comments by once again stressing the importance of brining an end to "outrageous and irresponsible pay structures".

Posted by John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance. ADNFCR-2776-ID-800249866-ADNFCR

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