U.K. Government, Banks Seal Bonus, Disclosure Accord

Chancellor of the Exchequer George Osborne announced an agreement by Britain’s biggest banks that they’d pay lower bonuses, drawing criticism from his own party and the opposition that it would have no real effect.

Lloyds Banking Group Plc, Barclays Plc, HSBC Holdings Plc and Royal Bank of Scotland Group Plc will pay lower bonuses to U.K. staff than last year, Osborne said, though he gave no details. They will disclose the remuneration details of their five most senior employees below board level, without naming the individuals. The announcement came a day after the chancellor raised tax on the industry by 800 million pounds ($1.3 billion).