UK's Ed Miliband has recommended controlling market share and payouts but indicated that the measures are open to debate.

The authorities have said that they are planning to place limits on the bonuses that bankers can pay to their executives. Ed Miliband has proposed placing caps on the market share of large banks in the country. He made sure that the authorities consider limiting bonus payments and pledged to ensure that big banks would have their market share limited.

Bank of England governor Mark Carneyhas dismissed proposals to cap bankers’ bonuses and described it as a crude measure that is expected to fail to meet its objectives. He said that the move will simply enable to the banks to increase the basic salaries of its executives in order to retain talent. The remarks were made at a time when the Royal Bank of Scotland is planning to give senior staff bonuses worth twice their salaries.

Bankers in the leading financial hub of London are particularly concerned over the limits but experts believe most of them already have ways to circumvent the new legislations. Experts said that if there are restrictions on paying bonuses, the bankers will simply increase other allowances for the officials. Many expected the basic salary component in the packages to rise following the imposition on the limit on the payment of bonuses.