Banker Salary and Bonus Clawback tax: Committee and Bill

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Banker Salary and Bonus Clawback tax: Committee and Bill

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We call on the government to establish a committee of economists, tax experts and accountants, independent of banks and government, to investigate how to recover part of the salaries and bonuses paid to employees of banks which were recipients of taxpayer's money to bail them out in 2008.

The committee will seek to establish what proportion of earnings in the years prior to 2008 were directly or indirectly the result of risk or leverage taken on by the banks, and establish what proportion of such earnings should be forfeited.

The committee will suggest legal structures for such a move, whether it should be a one-off tax or fine, amd whether to extend the clawbanks to employees of banks which were not recipients of government bail-out money.

If required, we call on the government to implement the recommendations of the committee in a parliamentary bill.

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