Autumn Statement

John McDonnell Excerpts

Thursday 5th December 2013 Commons Chamber

[Mr Osborne]

I want to return the compliment that my hon. Friend has paid me. He has been an outstanding Member of Parliament. His jobs clubs have helped many young people and his offer of work experience is helping people to get on the jobs ladder. The rail measures that we have announced today will help his constituents in Watford. He is right that for Watford, a Labour Government would mean higher unemployment, higher mortgage rates, more borrowing and more debt. That would put Watford and the rest of the country back into the economic mess we are taking them out of.

[John McDonnell (Hayes and Harlington) (Lab)]

Whatever one’s view of the past, there are worrying signs that the bonus culture is returning to the City, with large payouts, share distributions and high dividend payments disguising what were formerly bonuses. Will the Chancellor of the Exchequer make it clear that the Government stand ready to introduce further measures to control the bonus culture? I believe that they would have the support of the whole House in doing so.