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Jonathan Edwards MP calls for greater responsibility within the financial sector as profit-making peacocks is put into administration

19/01/2022

Financial sector is 'self-serving cash machine for economic elite

Plaid Cymru has strongly criticised the Royal Bank of Scotland for its intention to award its chief executive Stephen Hester a bonus of £1.2m despite a fall in share prices.

The announcement comes just days after RBS pulled the plug on profit-making fashion retailer Peacocks who have been put into administration leaving thousands of livelihoods at risk.

Plaid Cymru's Economy spokesman, Jonathan Edwards MP, said:

"I am deeply saddened to hear of yet another large employer in Wales being let down by the London financial sector. Welsh high streets face an increasingly difficult time – 18 months after closure 300 Woolworths stores throughout the UK still stand empty and I don’t want to see a similar legacy for Peacocks.

"RBS was bailed out with billions of pounds of taxpayers' money during the financial crisis, yet showed great reluctance in lending to a profitable business during its time of need.

"In recent years, the financial sector in Britain has created an unacceptable culture of rewarding failure and neglecting responsibility. RBS evidently believes that lining the pockets of one individual is more important than securing the future of 10,000 livelihoods.

"The UK Government needs to curb executive pay and reform the banking system so that it works in the interests of the real economy rather than a self-serving cash machine for the economic elite."