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Banks must be brought to book, says MP
Date published: 08 December 2009
AN OLDHAM MP is warning the Chancellor to go further than just taxing bank bonuses if they are to quash growing public anger.
In his Pre-Budget report tomorrow, Alistair Darling is expected to announce a one-year windfall tax on bonuses paid to some UK-based bankers.
The Chancellor said he had run out of patience and would not be held hostage by the City. State-owned Royal Bank of Scotland reportedly wants to pay a total of £1.5bn in bonuses to investment banking staff. The board has threatened to quit if the Government blocks the move. Mr Darling said: “We are not going to be held to ransom by people who believe you can pay extraordinarily high bonuses without regard to what’s going on.
“As we come through a difficult period we expect those with broader shoulders to bear the greatest burden.”
Oldham West and Royton MP Michael Meacher has been calling for Government to take action over the banks for months.
He said: “The Government really has to do this because there has been such anger, not only will it be economically good but politically as well, especially when there is a freeze on people’s pay and public sector jobs are going.
“The Government should go further, limit pay altogether of the banks that are in public ownership.
“In tomorrow’s Pre-Budget Report, the Government has a last chance to act on the public’s crescendo of anger against the bankers for their greed, arrogance and now shamelessness. They simply don’t get it, but the Government better had.” Mr Meacher said it was not the state that had taken over the banks but the banks have taken over the state.
The Labour MP warned: “The public won’t take this pussy-footing around, this soft-shoe shuffle round the banks, any more. I have never known such universal derision and hatred directed at an institution — not even MPs.
If the Government doesn’t act decisively this week to bring the bankers to order, it will be the most broken-backed in modern times.”
Comments
nowt will happen! the banks and mp's seem untouchable. they keep on going when really they should all be held accountable for the mess they've made.
but no, the one eyed scottish (i'll add deaf) idiot continues to carry on regardless ignoring everyone else except himself. until he goes britain will never recover.
"The Labour MP warned: “The public won’t take this pussy-footing around"
I'll tell you what the public won't take Meacher (and your 600-odd mates) you lot pussy-footing around over expenses.
Get rid of every MP that his used the expenses system to their advantage. Do it now or face the consequences. This hasn't gone away and it will erupt come election time whether you want it to or not.
Close the door on your way out matey.
Mr Meacher you seem to forget the Labour allowed the banks to do this. Labour removed regulation from the bank of england to its useless quango the FSA. Mr Meacher Labour are as much to blame for this as the banks. You knew they were overstretched but as long as they paid billions in tax from false profits you did not care!!!!!
Have Your Say
We, the tax-paying public (your employers, Mr. Meacher in case you had forgotten) are still waiting for the government to act decisively on mps fiddling. If a member of the public FRAUDULENTLY claimed expenses for a non-existent mortgage, they would lose their job and their pension rights. You lot are allowed to resign with golden goodbye and an extremely generous pension. As Jim Royle might say "Honourable members..............my a*se".
By mikejh45 @ 08/12/2009 13:35:35