LONDON, Nov 12 (Reuters) - The body that owns Britain's bankstakes resisted proposals by the government to cut bonuses atRoyal Bank of Scotland and Lloyds more sharply,its boss said on Tuesday.
Robin Budenberg, chairman of UK Financial Investments(UKFI), said Finance Minister George Osborne had proposedsteeper cuts in bankers' pay than were "commerciallyacceptable", and so the body limited the scale of the cuts.
"I believe we make sure that banks are able to run in thebest interests of their shareholders," Budenberg told lawmakersat a hearing by UK lawmakers. The lawmakers had questionedwhether UKFI was run at "arm's length" from the government, andmade its decisions purely based on commercial grounds.