Labour warns UK banks: trim bankers' bonuses or we will

Shadow chancellor John McDonnell says crackdown on excessive payouts will be one of his first acts

Bankers' bonuses could be banned in Britain in order to tackle high levels of inequality across the country, John McDonnell has said.

The shadow chancellor warned the City of London that a culture of excessive bonus payouts remained a decade on from the financial crisis and said Labour would introduce rules to curtail such awards - including a potential ban - if banks did not take voluntary action first.

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