Nick Clegg, the Liberal Democrat party leader, unveiled five proposals to control "the bonus culture" in the City. Clegg said there should be "no rewards for failure" and called for a "top-to-toe" overhaul of the British banking system (including an end to "morally obscene" salaries and bonuses).
- Limit cash bonuses to £2,500 annually, with any bonuses in excess of this figure to be paid in shares which could not be sold for five years
- Ban board directors from receiving bonus payouts
- Extend the Financial Services Act so loss-making banks were not allowed to pay bonuses
- Ensure the names of all banking employees earning more than the prime minister were published
- Lead to directors of banks being fined if their institution broke the industry's code of practice