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New Lloyds chief to get £8.3m pay package

George Osborne approves £1m salary, with £2m bonus partially dependent on lending to small businesse

Chancellor of the exchequer, George Osborne has approved an £8.3m pay package for Antonio Horta-Osorio, who is set to be the new chief excecutive of Lloyds Banking Group, said the Treasury on Wednesday.

Horta-Osorio, who currently heads Santander's UK operations will take over from Eric Daniels at Llyods on 1 March next year.

Sources in the treasury have said that while Osborne acknowledged that the large salary could be a tenacious issue, the bonus was partially dependant on lending to small businesses.

Owing to the wage freeze on public sector employees, Horta-Osório will receive a basic salary of £1.035m in addition to a discretionary annual bonus of £2.33m, worth 225 per cent of his salary.

Horta-Osório could receive £4.347 million through a long-term share-based incentive scheme where his rewards are tied to company stock value.
Ana Patricia Botín, the daughter of the Santander chairman Emilio Botín, will replace Horta-Osório at his current position.

"He should be setting an example with this kind of public sector pay," said Shadow Chancellor Alan Johnson, adding that it was wrong of Osborne to approve such a large pay package to Horta-Osório.

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We're hiring! Join the New Statesman as an editorial assistant

The NS is looking for a new recruit.

The New Statesman is hiring an editorial assistant, who will work across the website and magazine to help the office run smoothly. The ideal candidate will have excellent language skills, a passion for journalism, and the ability to work quickly and confidently under pressure.

The job is a broad one – you will need to understand the requirements of both halves of the magazine (politics and culture) as well as having an interest in the technical requirements of magazine and website production. Experience with podcasts and social media would be helpful.

The right person will have omnivorous reading habits and the ability to assimilate new topics at speed. You will be expected to help out with administration tasks around the office, so you must be willing to take direction and get involved with unglamorous tasks. There will be opportunities to write, but this will not form the main part of the job. (Our current editorial assistant is now moving on to a writing post.)

This is a full-time paid job, which would suit a recent graduate or someone who is looking for an entry into journalism. On the job training and help with career development will be offered.

Please apply with an email to Stephen Bush (Stephen. Bush @ with the subject line ‘Editorial Assistant application’.  

In your covering letter, please include a 300-word analysis of the strengths and weaknesses of the New Statesman. Please also include 500 words on what you consider to be the most interesting trend in British politics, and your CV as a Word document. 

The deadline for applications is noon on Monday 12th October.