Queen’s speech: steady on

George Hay The UK’s latest thwack on bankers’ bonuses looks heavy-handed. Legislation to be announced this week is likely to give the Financial Services Authority powers to tear up banker contracts if the UK regulator deems that they will encourage excessive risk-taking. This is a potential legal quagmire. The government should be very careful about suggesting it wants to rewrite employment contracts. Granting the state this particular stick has political attractions. The UK may have been the ...