RBS bonuses capped – but why the delay?

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The good news is that the government is binding RBS to pay only the minimum amount they’re contracted to in bonuses to staff this year. While many are unhappy about bonueses being paid, especially to senior staff at failing financial institutions, sticking within the terms laid down in employment contracts is fair enough.

What I’m frustrated about, however, is the delay in announcing this. For this as on many issues, it seems, the government leaves open goals for the Tories by failing to act quickly when a situation emerges.

For myself, I trust Brown and Darling far more on the principles underlying the morality of bonuses, bank regulation, and ensuring that poorly paid workers at these institutions are looked after – however, I worry that delays like this make it appear like the government is taking its lead from David Cameron. I don’t think this is the case at all, but it certainly points to a flaw in the way that the government’s political communication operation works.

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