Meacher’s new attack on mega bank bonuses

MICHAEL Meacher has renewed calls for a clampdown on “excessive” City bonuses — when his constituents are facing their biggest squeeze in living standards.

Oldham West and Royton MP Michael Meacher said there was public outrage at how a banking system that owes its continued existence to massive Government intervention, thinks it is acceptable to continue paying itself “mega-salaries and bonuses.”

He condemned the fact that 90 per cent of investment bank profits are “in an age of austerity, directed not at strengthening balance sheets, not at shareholder dividend, not at lower fees for customers but at gigantic personal pay offs.”

Labour MPs called for a change in the current culture, which he argued was seeing bankers “right at the centre of the crisis” continue to receive “very high remuneration” in contrast to those struggling for jobs in a slow-growing economy.