Dawn Butler challenges Sarah Teather MP to support moves to rein in bank bonuses

Dawn_Butler_with_Rounded_Edges.jpgDawn Butler - Labour’s choice to be next MP for Brent Central - has challenged Sarah Teather MP to support urgent moves to rein in bank bonuses. 

Dawn Butler is urging her Lib Dem opponent to support a Labour motion being debated in the House of Commons today following reports that RBS may ask the Government to approve a rise in the EU’s cap on bank bonuses.

Dawn Butler said: “At a time when families in Brent are facing a cost-of-living crisis and bank lending to business is falling, it cannot be right for George Osborne to approve a doubling of the bank bonus cap.

“It shouldn’t have taken the EU to act to rein in excessive bonuses, but there has been no action from the Chancellor here in Britain.

“Even worse, David Cameron and Nick Clegg’s coalition government have today refused to rule out approving bonuses of up to 200 per cent at RBS. On just one day a banker can earn in bonuses more than the entire average annual salary of a Brent resident.”

“We urgently need change and reform of our banks, not the business as usual approach of David Cameron and Nick Clegg.”

“As the majority shareholder in RBS, Cameron and Clegg’s government should reject any request from RBS to increase the cap. That’s why Labour MPs will put this to a vote in the House of Commons today as part of our opposition day debate on the Government’s wider failures on banking.

“I’m calling on Sarah Teather to put the people she’s elected to represent first – not vested interests.

“The case for repeating Labour’s tax on bank bonuses, to fund a compulsory jobs programme for young people, is getting stronger by the day.”

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