Monday 16 February 2009

Bank Bonus Debate Exposes Political Bankruptcy

The Government's weak-kneed response over bank bonuses and nationalising the banks is pushing the Brown administration to the edge of crisis. People are demanding action and yet by prevaricating Gordon Brown is allowing the Tories opportunistically to take the high ground. The bank bonus debate has exposed the political bankruptcy of the leaderships of all the major parties.

Brown needs to stop faffing around and act fast to end the bonuses to the fat cats, and to take control by nationalising the banks. His credibility is draining fast and swift action is needed if this administration is to survive.

The bonus scandal has also exposed that whilst the fat cats on the Bank Boards have been lapping up the bonuses, many of their staff have been on low pay, dependent on the annual bonus shareout to top up their low salaries.

Each year for five years I have tabled motions in Parliament codemning the big city bonuses as obscene and calling for action with no response from the Government. People's patience with the Government is fast runing out. Decisive action now could turn this around.