Bankers bonuses culture is unacceptable

10/02/2022

Speaking after a statement by the Chancellor this week, Plaid Cymru’s Treasury spokesperson Jonathan Edwards MP urged the UK Government to ensure that bankers lend to businesses that need it and that they are not subject to excessive fees.

Mr Edwards also warned that the only way to curb the excessive bankers’ bonuses was to properly tax corporate profits, and argued that the ongoing bankers’ bonuses saga was unacceptable to an electorate shouldering the burden for the financial crisis.

Plaid favours the introduction of a Robin Hood Tax, a maximum wage system, and an end to casino capitalism.

Mr Edwards said: “The lack of credit for businesses has been a persistent problem, and so progress on lending is particularly welcome - but we now need to make sure that new lending gets to those businesses that need it, and that they will not be subject to excessive high fees and charges.

“A £7billion bonus pot for this season is unacceptable, even after yesterday’s revision, and indicates that the UK Government's corporate levy has been set at far too generous a level. People are rightly angry when they hear that this culture is still operating.

“The financial services sector is very important, but it cannot be right that the people who caused the financial crisis, the banking collapse and the recession, are rewarded while the rest of the country and the world deals with the fall-out from their mistakes.

“One of the most effective ways to curb bonuses is to properly tax corporate profits.

“We believe that there should be a maximum wage to stop bankers paying themselves these undeserved large bonuses, a Robin Hood Tax to help deal with climate change and poverty issues and that the banks themselves should not be allowed to gamble with savers’ money in the way they have done.”