Stephen demands answers on bankers’ bonuses, as local bank branches face closure

Stephen raised the issue of bankers’ bonuses in parliament today – at a time when local bank branches are set to close in Splott and Grangetown.

SDdownAt Treasury Questions in the House of Commons on Tuesday (March 11), the Labour MP for Cardiff South and Penarth asked: “If RBS asks for permission to pay bonuses of more than 100% of salary – while incidentally Mr Speaker, Natwest (its subsidiary) closes branches in my constituency – will the Chancellor just say no? Or is he as out of touch as the bank appears to be?”

Speaking after the session, Mr Doughty said: “The government’s reply was complacent and out-of-touch. At a time when families face a cost-of-living crisis, taxpayers will be staggered if huge bonuses continue to be paid out at RBS – when significant losses are being made.

“Residents of Splott and Grangetown will be particularly dismayed if this out-of-touch Tory-led government gives the green light to these inappropriate bonuses, at a time when their local Natwest branches are set to close.

“As the majority shareholder, the government should reject any request from RBS to increase the cap on bonuses.”

Stephen added: “Labour is clear on this – we will repeat the tax on bank bonuses to fund a compulsory jobs programme for young people and long-term unemployed. This is part of Labour’s long-term plan to earn and grow our way to a higher standard of living for all.”

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