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Osborne welcomes bonus news

Osborne welcomes bonus news

George Osborne today welcomed the decision by Barclays chief executive Antony Jenkins to waive his bonus for 2012.

The Chancellor said it was "absolutely the right thing" for the bank to show restraint in executive pay.

"I think all the banks need to understand it’s a very difficult economic environment out there and that they have to be very sensible about their pay this year," Mr Osborne added.

Mr Jenkins' decision comes amid allegations that Barclays loaned Qatar money to invest in the bank in 2008, helping it avoid bankruptcy.

Downing Street earlier urged all financial institutions to "show restraint" when awarding bonuses, after former chancellor Lord Lawson suggested no bonuses should be paid at RBS.

"We still have a very clear line on any such bonuses that they should follow a policy of restraint," the Prime Minister's spokeswoman said.

Elsewhere, Sky News reports that RBS will reach a settlement worth about £400m next week about its role in the Libor-rigging scandal, and will seek to claw back up to £100m from executives to help pay for the fine.

Green Box: Osborne welcomes bonus newsClick to open

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