Osborne gave misleading impression that pay levels at RBS's investment bank are falling - Leslie

23 February 2012

Chris LeslieChris Leslie MP, Labour’s Shadow Treasury Minister, responding to comments from George Osborne on pay levels at RBS, said:

“It is misleading for the Chancellor to give the impression that pay levels at RBS’s investment bank are falling. Page 50 of the RBS Annual Report clearly shows that the compensation ratio, the level of pay as a proportion of the company’s income, has jumped substantially from 32% in 2010 to 39% in 2011.

“Yet again the Chancellor has failed in his duties as the 82% shareholder in RBS and has done nothing to change the excessive bonus culture that continues to roll on and on.”