"It is all very well for Walker to talk about international convergence and say we’re all going to be in the same place in six months, but what happens if we’re not, and the UK is a stand out? I don’t know the answer to that question, and I can only give my inclination, which is to say that if we think that is the right position to be in, maybe we should be exemplary and others should follow."

On November 26 2009, Sir David Walker published his report into corporate governance in the banking sector, telling Financial News that the UK should lead the way in reforming pay.