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Banking Bill

I do not intend to repeat the speech that I made before, but the big issue that the amendment raises about excessive remuneration is not confined to any bank that might virtually collapse and be brought into this regime. It is a common problem. The big issue that is being discussed in the City by a number of investor bodies is how shareholder power can be brought to bear against boards that make excessive payments. We had an early example of this a few days ago with Bellway, when a resolution was passed at the AGM voting down remuneration packages. Whatever you do in terms of the occasional bank that may come under the ambit of the Bill, the key thing is to bear down on excessive remuneration across the board. We are beginning to see a shareholder revolt. That will be the only way in which there will be more sensible levels of remuneration among the spread of businesses across the sectors.