Business of the House

Lord Watts Excerpts

Thursday 10th February 2011 Commons Chamber

[Sir George Young]

I agree that such a debate would be well supported. My hon. Friend underlines the point that we managed to secure that from the banks, which Opposition Members totally failed to do when in government. The £200 million—a huge sum—will be put to fantastic use by those who believe in the big society.

[Mr Dave Watts (St Helens North) (Lab)]

Given that it is the low-paid and those on low incomes who are paying the highest price for the cuts, that the people who caused those cuts, the bankers, are now bankrolling the Tory party and that those bankers are now enjoying better and higher bonuses and tax cuts, may we have a debate on who is generating this Government’s economic policies—the Government or the bankers?

[Sir George Young]

It is no use going on and on and blaming the bankers. If the hon. Gentleman looks at the position this country was in before the banking crisis, he will see that we were running a huge structural deficit. There is no conviction at all when Opposition Members go on trying to blame the banks, because it is they who are responsible for the difficult decisions we now must take. His party did absolutely nothing about bonuses; they obliged the banks that they supported to go on paying market rate bonuses, whereas we have secured a reduction.