Oral Answers to Questions

Ronnie Campbell Excerpts

Tuesday 8th February 2011 Commons Chamber

[Rosie Cooper (West Lancashire) (Lab)]

13. What objectives he has set for the outcome of his discussions to limit the bonuses paid to bankers.

[Mr Ronnie Campbell (Blyth Valley) (Lab)]

15. What objectives he has set for the outcome of his discussions to limit the bonuses paid to bankers.

--- Later in debate ---

[Mr Hoban]

I find that quite rich coming from Labour—the party that gave Fred Goodwin his knighthood. The reality is that under our bank levy the banking sector will pay more every year than it paid in one year under the bank payroll tax. That is the action that this Government have taken to ensure that banks pay their fair contribution towards the Exchequer.

[Mr Campbell]

The Chancellor must think he is good when he has put hundreds of thousands of public servants on the dole, cut pensions, especially those of the police and armed forces, and cut local government finance. It has been reported in the newspapers that a banker is to receive a £9 million bonus. Why does not the Chancellor get off his backside, get into the banks, and get it sorted?

[Mr Hoban]

I will take no lessons from the Labour party on bank bonuses. The shadow Chancellor presided at the Treasury when big bonuses were being paid out in cash, with no clawback and no lock-up. He backed that light-touch regime in government. We have taken the tough decisions on tackling bonuses. The Opposition should be apologising, not criticising.