Labour

Stephen Hester has done the right thing - Miliband

Ed Miliband MP, Leader of the Opposition, commenting on Stephen Hester's decision not to accept his bonus said: 

"Stephen Hester has done the right thing. 

"It is a shame that a feeble, out of touch David Cameron did not realise he should do the right thing and stand up for the interests of the British people.

"Labour was right to seek a parliamentary vote on this so that the people's voice could be heard. But the debate about fair executive pay and responsible capitalism is only just beginning. We need a government that will tax bankers bonuses and bring responsibility to the boardroom." 

Chuka Umunna MP, Labour's Shadow Business Secretary, said: 

"We welcome the news that Stephen Hester is not going to take his £1m bonus. 

"However, this does not change the fact that the Government  should have done more and taken action sooner.

"The debate on executive pay has not ended and we will continue to push for reforms."

Read Ed Miliband's blog on the RBS controversy here.