Labour

David Cameron has shown himself to be completely out of touch with the British people on bank bonuses - Ed Miliband

Ed Miliband MP, Leader of the Opposition and Leader of the Labour Party, said today on Stephen Hester’s bonus:

“David Cameron has shown himself to be completely out of touch with the British people on this issue. He has got a tin ear when it comes to understanding what people are feeling. The Government’s decision to nod this bonus through showed it was unable or unwilling to stand up to the banks.

“This is a Government that had the power of a shareholder to stop this bonus happening, but it refused to use that power. That was why Labour proposed a parliamentary vote – so that the voice of the people could be heard - and it was the threat of that parliamentary vote that led to change.

“If we don’t deal with the issue of bankers bonuses in a proper, systematic way this kind of thing is just going to re-occur.

“This isn’t the best way of setting the pay for top chief executives. That is why we need real change. Real change in the board room and new rules, and real change from Government to say tax the banker’s bonuses.”