Banks given go-ahead to pay unlimited bonuses - papers

Britain's banks were given the go-ahead last night to pay unlimited bonuses, drawing to a close a two-year political battle to rein in the City.

After months in which a series of government ministers of all parties have threatened a toughening in the stance over City bonuses, Downing Street said the government did not intend to intervene in the pay of the UK's top bankers. Ministers are instead hoping for a face-saving deal in which the banks agree to lending targets and improve the way they disclose their pay deals, writes the Guardian. One of the options being discussed is releasing information on the five highest paid individuals at each bank. Another, according to The Daily Telegraph, is to disclose how many are given more...