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Goldman in bonus move

Goldman in bonus move

Investment banking group Goldman Sachs has said it will not avoid the 50p top rate of income tax by delaying bonus payments.

The announcement follows an attack from the governor of the Bank of England over "depressing" moves by banks to avoid tax.

He told MPs this morning he found it "depressing" that people who were already earning huge sums of money were seeking to lessen their tax bill in a way that was bound to have "an impact on the rest of society".

"I find it a bit depressing that people who earn so much seem to think it's even more exciting to kind of adjust the timing of it to get the benefit of a lower tax rate which they will benefit from in the long run to a very great extent," he said.

He also warned about the potential reputational damage to banks from such a move, saying:"I think it would be rather clumsy and rather lacking in care and attention to how other people might react."

Andrew Bailey, a senior official at the Bank of England, also accused banks of “ripping off” customers by slashing interest rates on savings while keeping the cost of borrowing too high.

He told MPs how banks had cut rates for savers after the introduction of the £80 billion Funding for Lending Scheme last summer. The move allowed them to obtain funds at lower than market rates leading to competition between banks for deposits “easing” - resulting in changes in interest rates being offered to millions of savers.

“That adjustment has not taken place yet probably to the same extent (on the lending side), although we have seen changes in the availability of mortgage lending. The jury is still out...on whether we have seen as much adjustment there as you would expect to see and ought to see,” he said.

Green Box: Goldman in bonus moveClick to open

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