Off with their bonuses! The tumbrils are rolling on both sides of the Atlantic. First to the guillotine is bankers’ pay. Or is it?

Both in the UK and the US, governments and regulators are talking tough about bonuses. Hank Paulson, US Treasury secretary, has got banks to commit to new standards on executive compensation. The Financial Services Authority has sent a “Dear CEO” letter to companies urging them to review remuneration policy in line with suggested “bad” or “good” practice.