Barry Gardiner
Main Page: Barry Gardiner (Labour - Brent North)Department Debates - View all Barry Gardiner's debates with the HM Treasury
(13 years, 4 months ago)
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Mr Osborne
Nothing meaningful was secured on lending to small businesses by the previous Government at the very moment when they had maximum leverage: when they were bailing out these banks. That is part of what we are dealing with. We are also dealing with the situation in which they bought their very large stake in the Royal Bank of Scotland—as I have said, the deal explicitly says that the bonuses covering the year 2010 should be paid at market rates. I am saying that we want to see the bonus pool smaller and the Royal Bank of Scotland as a back-marker, rather than a front-runner.
Barry Gardiner (Brent North) (Lab)
Was it coincidence or careful Treasury planning that ensured that the amount projected in this year’s bonuses was the same as the £7 billion that the Government have taken in cuts? Does the Chancellor understand why people in this country make an equation between those two and are so very angry about it?
Mr Osborne
Of course I understand the British people’s anger at the economic mess that the banking community and the previous Government helped to create, but they also support those with a serious economic plan to put right those mistakes. At the moment, they are not hearing a serious economic plan from the Labour party.