Labour

Case for tax on bank bonuses to fund 100,000 jobs for young people grows stronger by the day - Leslie

Chris Leslie MP, Labour’s Shadow Financial Secretary to the Treasury, said in response to reports tonight that RBS is set to announce a bonus pool of £785 million:

"If these reports are true then it will show how hollow David Cameron’s promises to rein in excessive bonuses have been.

“Bonuses should be exceptional payments paid for exceptional performance. So it would be completely inappropriate for the Government to nod through a bonus pool of almost £800 million when the bank is making a loss, the share price has almost halved and lending targets to small businesses have not been met.

“We need real reforms to deliver transparency, accountability and responsibility on pay and remuneration at the top. And while excessive bonuses remain, the case for a tax on bank bonuses to fund 100,000 jobs for young people grows stronger by the day.”