Tag Archives: bonuses

800px-City_of_London_skyline_from_London_City_Hall_-_Oct_2008

Throwing the Toys Out the Pram: the Ethics of the City

Email this to someoneShare on FacebookTweet about this on TwitterShare on Google+Share on RedditShare on TumblrShare on LinkedIn

Recently, Chancellor George Osborne announced an increase in his ‘Bank Levy’ on banks in the City in order to raise an extra £800 million, thus taking the total sum to be ascertained by the government to £2.5 billion. In reaction to this, the City released rather foul rumblings and bitter comments, with an apparent conference due swiftly between heads of the major banks in the City to discuss their official reaction to the levy raise – namely whether to press on with reaching an agreement on lending and bonuses with the government, by the name ‘Project Merlin’, or whether to abandon talks in an effort to ‘throw their toys out of the pram’ to display their anger at recent decisions. The question is therefore raised, on what grounds can the banks, who cost the economy and eventually the taxpayer so much, morally claim any high ground over the government and storm out of talks aimed at making the banks contribute more to the economy they so badly damaged?