Don Foster MP

News

Labour hypocrisy on bankers’ bonuses "astounding"

February 9, 2024 by admin in Liberal Democrats, News with 0 Comments

The finger pointing and hypocrisy on bankers’ bonuses witnessed in the opposition debate on Tuesday 7th was quite astounding. Labour presided over the biggest boom in bonuses this country has ever seen, from £3.1bn in 2001 to £11.5 billion in 2007. The calls from the opposition benches are hard to believe when you read that under the last 10 years of Labour bankers received £65bn in bonuses. The bonus payments in the two years leading up to the crash in 2008, topped £11bn each year and all the while they sat back and knighted the financial speculators who led this country to the brink of economic collapse.

The Coalition Government inherited this economic mess from Labour and since 2010 has been making the big decisions to put the country back on track. We’ve capped cash bonuses at state owned banks to £2,000 and overall, the bonus pool is smaller than last year. It is considerably less than it was under Labour.

In Government, Liberal Democrats are doing the right thing - implementing the Vickers’ proposals to make banking safer in the future, continuing our fight to get the banks to lend more and introducing the banking levy which raises £2.5bn a year.

While Labour spent thirteen years being intensely relaxed about the rich getting richer, Liberal Democrats have made clear that our priority is cutting tax for working families and lifting the lowest paid people out of paying income tax all together.

Don

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