They won’t flee or starve – but it is up to bank directors, not the EU, to clamp down on pay
As the new Archbishop of Canterbury remarked the other day, the arguments put forward by bankers and their friends to justify their high pay have become increasingly baffling. The Archbishop, whose pay package is almost exactly one hundreth that of the chief executive of HSBC, was puzzled as to why bankers had to be paid so much more than, say, surgeons or civil servants.
He’s likely to be more puzzled still by the barrage of howls and warnings prompted by the decision in Brussels on Wednesday night to put a ceiling on bankers’ bonuses. Boris Johnson, the Mayor of London,