Youth Unemployment and Bank Bonuses

Debate between Jake Berry and George Mudie

Monday 23rd January 2012 Commons Chamber

[Mr Mudie]

I would rather the Government had not trebled tuition fees. I would rather that instead of spending £150 million they were taking the opportunity to raise £2 billion to put into youth employment. This is a very serious, non-political matter and people’s lives are going to be ruined unless they get urgent help. We should see that as a priority, and we should have no compunction about taking that money from the people who caused this difficulty. Governments, rating agencies and regulators also played a part but the sheer greed and irresponsibility of the banking and financial industry takes my breath away.

[Jake Berry (Rossendale and Darwen) (Con)]

Will the hon. Gentleman give way?

[Mr Mudie]

No, because I am short of time.

The people who caused the difficulty earn huge salaries because of gambling in the investment market, which has brought country after country and bank after bank to their knees, and which is now imperilling people’s standard of living—their homes, jobs and future. I find that unacceptable.

The shadow Minister has called for leadership, but real leadership would not involve avoiding questions about whether there is going to be a limit of £2,000 on bank bonuses. The senior director of RBS will be disappointed if he is not allowed to take his £4 million and the chief executive is expecting £2.5 million, but this is in a bank that the Government own. If we want leadership, it should come from the Chancellor and the Government, who should take the steps that are needed.