Banks may have to reveal number of £500,000 earners

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Names would not be published but banks would have to reveal details of total salaries, bonuses, share awards and pensions in bands. These would be set from £500,000 to £5 million then rising every £1 million.

The proposals outdo recommendations from an investigation into bank pay last year.

City Minister Lord Myners said today that, while the issue of pay remained "contentious", Britain should not be open to accusations of "shirking" the challenge.

"From the outset of the crisis, the Government has been focused on eliminating rewards for failure and ensuring that remuneration does not incentivise excessive risk-taking," he said.

Proposals from last year's report by Sir David Walker into compensation and structures at banks are due to be implemented and are aimed at empowering shareholders to shape remuneration policies.

But Lord Myners said the Government "may go further" than the Walker recommendations. The regulations suggest narrower disclosure bands, bringing the threshold down from £1 million.

"We will consult on that idea, but, as the Chancellor has said, most people are convinced that far more disclosure is important, because they will then be able to see precise remuneration practices," Lord Myners said.