Vince suggests breaking up the Banks to stop Bumper Bonuses

Vince Cable, Liberal Democrat Shadow Chancellor,

Vince Cable (Liberal Democrat Shadow Chancellor) commented on today’s evidence given to the Treasury Select Committee by the Chief Executives of RBS and Lloyds:
“Bankers tell us that their bonuses are a reward for their skills and ingenuity.
At the moment, this seems to involve borrowing taxpayers’ money at half a percent from the Bank of England and then lending it back to us at eight, 10 or even 20 percent.

It’s hard to find the skill in that and even harder to see how bankers feel that they have a right to collect bonuses for it.

This is yet more proof that Labour’s badly designed bonus tax is having no effect on bonus payouts.
The best way to deal with bonuses and achieve a fair deal for the taxpayer, who guarantee these institutions, is to split the banks up. Before this is done an additional 10% levy on their profits should be introduced.

This is a much more effective solution than a one-off windfall tax and recognises the debt that the banks owe to the taxpayer.”

One response to “Vince suggests breaking up the Banks to stop Bumper Bonuses

  1. “No child will be held in detention over Christmas. Mr Clegg said: “The coalition government has always been clear that the detention of children for immigration purposes is unacceptable.”
    You can read more?

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s