Labour MP Andrew Gwynne has demanded answers from the Treasury on their plans to review the sky-high pay and bonuses of bankers in the nationalised taxpayer-owned banks.
He was shocked when a Tory Minister promptly replied – they have NO plans to review the bonus culture in the banks every taxpayer has a stake in.
Despite billions of pounds being paid out to reckless bankers every year, the Government refuses to clamp down on pay and bonuses in banks it has a majority stake in, such as RBS. Finance workers have taken home a THIRD of all bonuses handed out across the UK this year, despite only making up four per cent of the national work force.
Andrew Gwynne MP said:
“This is a truly astonishing admission for a Tory Treasury Minister to make. There has been public outcry over the millions in taxpayers’ money being doled out to the bankers who put us in this mess, yet the Tory-led Government refuses to crack down on the behaviour of their friends in the City.
“Their outright refusal to consider even influencing the bonus culture in banks shows us the true face of this Government – a Party by the bankers for the bankers being propped up by a Lib Dem Party too scared to speak out, lest they lose their shiny ministerial cars.
“I hope the Government listens to the hard-working people of this country who rightly do not expect their money to be blown on the champagne lifestyle of gamblers in the City.”
Sajid Javid MP, Tory Economic Secretary to the Treasury, said in an answer to a Parliamentary Question:
“The Government’s shareholdings in the Royal Bank of Scotland and Lloyds Banking Group are managed on a commercial and arms length basis by UK Financial Investment Ltd (UKFI).
“…management decisions are for the bank itself without any interference from shareholders, including UKFI.”