This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.

You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/uk/7876183.stm

The article has changed 2 times. There is an RSS feed of changes available.

Version 0 Version 1
Inquiry into City bonus fairness Inquiry into City bonus fairness
(about 12 hours later)
The leader of the Commons has asked the Equality Commission to examine City bonuses and whether they discriminate against women. The leader of the Commons has asked the Equality Commission to examine City bonuses and rule whether they discriminate against women.
Harriet Harman is to tell a Labour regional conference in Sheffield that men working in the finance sector are paid over 40% more than women. Harriet Harman told a Labour regional conference in Sheffield that men working in the finance sector are paid over 40% more than women.
In her speech she will describe the bonus system as a "licence for unfairness and discrimination". In her speech, Ms Harman described the bonus system as a "licence for unfairness and discrimination".
She believes action must go beyond existing bans on board-level payouts.She believes action must go beyond existing bans on board-level payouts.
Ms Harman will say: "We don't have to choose between a strong economy and fairness - we must have both. And that includes fairness in the financial services sector. Ms Harman said: "We don't have to choose between a strong economy and fairness - we must have both. And that includes fairness in the financial services sector.
"There is something rotten in the remuneration system of the banks and finance companies. Men paying themselves millions of pounds of bonuses each - and then saying that they didn't know what was going on. "There is something rotten in the remuneration system of the banks and finance companies. Men paying themselves millions of pounds of bonuses each - and then saying that they didn't know what was going on."
She denounced what she called an "old-boys' network" paying itself millions amid financial turmoil.
'Unfairness and discrimination''Unfairness and discrimination'
"Half the employees in the finance sector are women. Yet the men are paid 40% more than the women employees."Half the employees in the finance sector are women. Yet the men are paid 40% more than the women employees.
Announcing the inquiry, she will add: "The discretionary bonus system is a licence for unfairness and discrimination. There will be no board level bonuses in the banks where the public purse has stepped in to secure their future Harriet Harman, leader of the Commons
Announcing the inquiry, she added: "The discretionary bonus system is a licence for unfairness and discrimination.
"And is anyone any more going to justify a system which allows for the old boys' network to fall back on a financial cushion of millions of pounds while helping cause the problems which make others struggle?""And is anyone any more going to justify a system which allows for the old boys' network to fall back on a financial cushion of millions of pounds while helping cause the problems which make others struggle?"
She added: "The Financial Services Authority (FSA)... is also conducting a review into bonuses. Because they will need to stop the bonus system encouraging those at the top taking risks with everyone else's money.
"It's right that those who've left the RBS have done so without 'severance pay' and that there will be no board level bonuses in the banks where the public purse has stepped in to secure their future."
Payments cap
There is speculation banks are attempting to rush through bonuses for thousands of high-earning staff before an expected government crackdown.There is speculation banks are attempting to rush through bonuses for thousands of high-earning staff before an expected government crackdown.
This week Prime Minister Gordon Brown said any payments at Royal Bank of Scotland, which is now 68% taxpayer-owned, must reflect the economic conditions and the bank's performance.This week Prime Minister Gordon Brown said any payments at Royal Bank of Scotland, which is now 68% taxpayer-owned, must reflect the economic conditions and the bank's performance.
US president Barack Obama has proposed a $500,000 (£346,450) cap on payments to American bank executives who participated in the US bailout.US president Barack Obama has proposed a $500,000 (£346,450) cap on payments to American bank executives who participated in the US bailout.
This has sparked speculation that a similar deal may be pending in the UK.This has sparked speculation that a similar deal may be pending in the UK.