The way to cut bonuses: scrap public subsidies for banks

Mr Cameron is fast winning a reputation as a weathervane. What’s required of his government is a set of principles and consistency in their application, writes Philip Stephens
The issue of bankers bonuses continues to be a political hot potato as bank chiefs defy political and public pressure to curb pay-outs as public sector cuts begin to bite
Former trade minister says public outrage towards bonus culture could dissuade successful business leaders from taking on high-profile roles
UK investment banks set to push bonus cuts next year as falling revenues and political and shareholder pressure prompt a rethink on remuneration
Cuts to banking bonus pools may be an attempt to mollify public agitation, but they mask the difficulty of bringing down costs in the industry
David Cameron has called for a truce in the battle over bank bonuses in an attempt to repair fractured relations with the City
Prime minister wants to avoid looming row on bonuses at Barclays, which is about to hand out awards worth a predicted £1.5bn

Mr Cameron is fast winning a reputation as a weathervane. What’s required of his government is a set of principles and consistency in their application, writes Philip Stephens
Capitalism works – and works far better than any other system – because the discipline of the marketplace keeps greed, folly and incompetence in check, writes Nigel Lawson
Incentive plans are the carrot of choice for many companies but a culture deemed excessive by the public and politicians is the focus of fire, writes Andrew Hill
By 2017 bank pay could look very different from how it appeared in the boom. And capitalism will look all the better for it, writes Gillian Tett
The government should not shirk its responsibilities and, if its policy on pay is to mean anything, it should justify bonuses at state-owned companies
There is only one not-so-small problem: loyal shareholders – you – have made no money, writes Robert Jenkins
The real problem banks face is not that people regard their services as being unnecessary or without merit. It is rather that they question the culture within banking institutions
High salaries are toxic and need addressing fast in the interests of British business, writes Richard Lambert
If government policy on executive pay is to mean anything, it must focus on making remuneration transparent, predictable and deserved