BBA: Bonuses are already regulated

Angela Knight, chief executive of the British Bankers’ Association (BBA), comments on the banks tax on BBC Radio 4’s Today programme:

“The reputation of bankers is akin to a leper colony to some, or carriers of bird flu to others.

“Bonuses in the UK are already regulated and assessed against proper performance figures.

“The whole question of pay was put into regulation last year – the only country in the G20 to do it was here in Britain.

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“We bear certainly part of the responsibility [for the government deficit], we bear the banking part, but two-thirds of the deficit is structural, due to years of overspending.”