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Big bonus days over, says Brown Big bonus days over, says Brown
(about 3 hours later)
Gordon Brown has said he is "angry" about irresponsible behaviour by bankers and has said "the days of big bonuses are over". Gordon Brown says he is "angry" about irresponsible behaviour by bankers and has warned that "the days of big bonuses are over".
The prime minister told GMTV that while problems had come out of the US, there had been "abuses in our system".The prime minister told GMTV that while problems had come out of the US, there had been "abuses in our system".
Agreements on "executive remuneration" would be a condition of the £400bn banking rescue package, he said.Agreements on "executive remuneration" would be a condition of the £400bn banking rescue package, he said.
He is visiting Birmingham later as part of a tour of the country to "explain" the banking rescue to voters. Lib Dem leader Nick Clegg has said bank executives whose actions contributed to the crisis should be removed.
On Wednesday the government announced a rescue package for the banking system, a day after share prices in UK banks plunged.On Wednesday the government announced a rescue package for the banking system, a day after share prices in UK banks plunged.
'Punish' risk'Punish' risk
The prime minister's spokesman said he would be meeting with small businesses on Thursday and would head to the south west on Friday to explain to people. Mr Brown is visiting Birmingham on Thursday, part of a tour of the country to "explain" the banking rescue to voters.
Regional ministers will also play a role in explaining why action had to be taken, he said. The prime minister's spokesman said he would be meeting with small businesses and would head to the south west on Friday while regional ministers would also play a role in explaining why action had to be taken.
Where these guys have taken irresponsible risks, that is completely unacceptable Gordon BrownWhere these guys have taken irresponsible risks, that is completely unacceptable Gordon Brown
In the interview earlier, Mr Brown was asked what he would tell taxpayers who were angry that public money was being used to prop up failed banks.In the interview earlier, Mr Brown was asked what he would tell taxpayers who were angry that public money was being used to prop up failed banks.
"I'm angry too. I am angry at irresponsible behaviour," Mr Brown said."I'm angry too. I am angry at irresponsible behaviour," Mr Brown said.
"Our economy is built around people who work hard, who show effort, who take responsible decisions, and whether there is excessive and irresponsible risk-taking, that has got to be punished.""Our economy is built around people who work hard, who show effort, who take responsible decisions, and whether there is excessive and irresponsible risk-taking, that has got to be punished."
He said it was important for everyone to have a banking system they could trust and it was "completely unacceptable" to take excessive risks.He said it was important for everyone to have a banking system they could trust and it was "completely unacceptable" to take excessive risks.
'Restructuring'
"The days of big bonuses are over. One of the conditions of us helping the banks is that we will have to reach an agreement about their executive remuneration," he added."The days of big bonuses are over. One of the conditions of us helping the banks is that we will have to reach an agreement about their executive remuneration," he added.
He said the package announced on Wednesday was "a very big plan" which would ensure banks provided people with security. He said the package announced on Wednesday was a "restructuring" of British banks to ensure they provided security and said other countries around the world were "looking at what we are doing".
Dangerously exposed
"No other country has done this, we are really restructuring our banks to make sure they do the job they should have done and ought to do," he said.
"Around the world now other countries are looking at what we are doing."
He told the programme that the way some banks had operated meant they were left dangerously exposed by the problems in the US.
Taxpayers will rightly be infuriated if they see their hard-earned money going on bonuses that are rewards for failure David CameronConservative leader
"Most of this has come out of America and then affected the British banking system, but there have been abuses in our system as well and these have got to be dealt with too," he said."Most of this has come out of America and then affected the British banking system, but there have been abuses in our system as well and these have got to be dealt with too," he said.
The government's rescue package must be used as a starting point to reform the way banks operate Nick CleggLib Dem leader
"Where these guys have taken irresponsible risks, that is completely unacceptable. The problem is they didn't know what they were buying from America.""Where these guys have taken irresponsible risks, that is completely unacceptable. The problem is they didn't know what they were buying from America."
The government has offered eight leading banks up to £25bn capital in return for preference shares.The government has offered eight leading banks up to £25bn capital in return for preference shares.
It says action on bonuses and dividends will take two forms - the Financial Services Authority is looking at how it can ensure responsible risk taking while the issue will be part of conditions attached to banks accepting public money.It says action on bonuses and dividends will take two forms - the Financial Services Authority is looking at how it can ensure responsible risk taking while the issue will be part of conditions attached to banks accepting public money.
"The Treasury and the FSA are working hand in glove on this," said the prime minister's spokesman. Later Liberal Democrat leader Nick Clegg wrote to Mr Brown to urge him to take steps to remove senior executives whose actions had contributed to the economic crisis to ensure they were not "let off the hook".
At prime minister's question time in the Commons on Wednesday, Conservative leader David Cameron said it was important any deal with the banks protected taxpayers' interests. He also said board members on banks should not get bonuses, to stop them following "distorted business models".
"The government's rescue package must be used as a starting point to reform the way banks operate to ensure this crisis is never repeated," he said.
On Wednesday, Conservative leader David Cameron said it was important any deal with the banks protected taxpayers' interests.
"Taxpayers will rightly be infuriated if they see their hard-earned money going on bonuses that are rewards for failure," he said."Taxpayers will rightly be infuriated if they see their hard-earned money going on bonuses that are rewards for failure," he said.
The Lib Dems say they are "wholeheartedly" behind the package, although Treasury spokesman Vince Cable asked the chancellor for assurances about how he would ensure "that the taxpayers' money going into the banks comes out of the other end"?
Initially £25bn of taxpayers' money will be used to kick-start lending between eight banks and building societies - in return for preference shares in them. A further £25bn will be available if necessary for other institutions.Initially £25bn of taxpayers' money will be used to kick-start lending between eight banks and building societies - in return for preference shares in them. A further £25bn will be available if necessary for other institutions.
It has also offered a further £250bn in loan guarantees, and increased another lending scheme to £200bn.It has also offered a further £250bn in loan guarantees, and increased another lending scheme to £200bn.
Mr Brown also said he thought the plan to buy preference shares would make money for taxpayers in the long term.