Labour Candidate Challenges Local MP On Bank Bonuses

Ruth Cadbury wants Mary Macleod to vote against huge payouts

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The Labour Party candidate for the next election, Ruth Cadbury, has challenged sitting MP Mary Macleod to support a move to rein in high bank bonuses.

She has urged her Conservative opponent to support a Labour motion being debated in the House of Commons today (Jan 15) following reports that RBS may ask the Government to approve a rise in the EU’s cap on bank bonuses.

Ruth said: “At a time when families round here are facing a cost-of-living crisis and bank lending to business is falling, it cannot be right for George Osborne to approve a doubling of the bank bonus cap.

“It shouldn’t have taken the EU to act to rein in excessive bonuses, but there has been no action from the Chancellor here in Britain.

“Even worse, David Cameron has today refused to rule out approving bonuses of up to 200 per cent at RBS. It looks like he and George Osborne would approve such a request at a time when ordinary families face a cost-of-living crisis and bank lending to businesses is falling.

“Many executives were paid bonuses worth more than 100 per cent of their salary last year.  

“We urgently need change and reform of our banks, not the business as usual approach of David Cameron and George Osborne.”

“As the majority shareholder in RBS, I believe the government should reject any request from RBS to increase the cap. That’s why Labour MPs will put this to a vote in the House of Commons today as part of our opposition day debate on the Government’s wider failures on banking.

“I’m calling on Mary Macleod to put the people she’s elected to represent first – not vested interests.

“The case for repeating Labour’s tax on bank bonuses, to fund a compulsory jobs programme for young people, is getting stronger by the day.”

January 15, 2014

January 16, 2014