Dennis Skinner
Main Page: Dennis Skinner (Labour - Bolsover)Department Debates - View all Dennis Skinner's debates with the HM Treasury
(13 years, 4 months ago)
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Mr Osborne
I agree with all of that. We want to see bonus restraint; we want to see bonuses lower this year—[Interruption.] Lower this year than they were under the Labour Government. That is one objective. Secondly, we want to see bonuses deferred. Thirdly, we want to make sure that they do not reward risk-taking that goes badly wrong—that is why we want the ability to claw back. We also want to get away from the system—again, this thrived under the previous Government—of guaranteed bonuses, which people got regardless of what happened to their financial institution. That is precisely what the code of practice addresses, it is precisely why we are looking at greater transparency and greater shareholder involvement, and it is precisely why I want this new settlement with the banks.
Mr Dennis Skinner (Bolsover) (Lab)
Is not the truth of the matter that this Government want the students, the homeless and the disabled to pay for this deficit, while their banking friends—the Tories’ banking friends—will get off scot-free, despite causing the problem in the first place? It is a bucket load of hypocrisy.
Mr Osborne
Again, the hon. Gentleman has amnesia. He seems to forget that for 13 years he supported a Government who allowed this problem to develop. Indeed, as far as I can tell, half the people who were in that Cabinet have gone on to work in the City.