The Economy

Lord Hanson of Flint Excerpts

Tuesday 6th December 2011 Commons Chamber

[Mr David Hanson (Delyn) (Lab)]

rose—

[Mr Osborne]

And the right hon. Member for Delyn (Mr Hanson) was a Minister in that Government.

[Mr Hanson]

Will the Chancellor give us some idea of how many bank employees’ salaries of over £1 million will not be disclosed because of his failure to implement legislation enacted by the Labour Government?

[Mr Osborne]

Anyone listening to Opposition Members would believe that under the mythical Labour Government that apparently existed, all that information was disclosed. But was it disclosed? There was no disclosure whatsoever. I suggest to the shadow Chancellor—the former City Minister—and others that they back the unilateral measures that we are taking, which will make the financial centre here in London the most transparent in the world.

The advice of the Financial Policy Committee is clear. Banks should consider limiting bonuses this year and using profits to strengthen their balance sheets in the face of the eurozone debt storm. Let me make this plain: stronger banks, not larger bonuses, should be the priority this winter, and money that is earned should be used to build balance sheets and not to enhance payouts. That is the advice from the Bank of England, and that is the advice that the Government now expect to be followed.