Sheila Gilmore
Main Page: Sheila Gilmore (Labour - Edinburgh East)Department Debates - View all Sheila Gilmore's debates with the HM Treasury
(13 years, 4 months ago)
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Mr Osborne
That is one of the issues being considered, and I noted the Governor’s comments. The code of practice has a number of constraints on how bonuses are paid. It is a vast improvement on last year’s situation, and will help create a better regulated banking sector.
Sheila Gilmore (Edinburgh East) (Lab)
When the Chancellor’s colleague the Prime Minister said in 2009 that no bank with significant taxpayer support should pay bonuses of more than £2,000, was he jumping on an Opposition bandwagon or was it a serious policy initiative? If it was the latter, what has changed since 2009?
Mr Osborne
That was about the time when the right hon. Member for Kirkcaldy and Cowdenbeath (Mr Brown), the then Prime Minister, said:
“The day of big bonuses is over.”
That is the kind of rhetorical—[Interruption.] That is the situation that we have inherited—no proper code of practice, no permanent bank levy, no plan for improving the system of regulation. We are putting in place measures that we believe will materially improve lending in this economy and the regulation of our banking system. Every single one of them has, for opportunistic reasons, been opposed by the Labour party.