Chancellor must clear up confusion on bank bonuses
Liberal Democrat Treasury Spokesperson, Lord Oakeshott has today written to the Chancellor of Exchequer, Alistair Darling, demanding to know why the full truth about bonuses was not revealed to Parliament.
Commenting, he said:
“People listening to the Chancellor’s announcement this week will have concluded that there would be no big bonuses paid to senior staff for three years. In fact most RBS investment bankers will be able to cash in half their bonus in June next year. Then, John Kingman of UKFI told the Treasury Select Committee that the Chancellor had banned him from disclosing even the total bonus pot at RBS and Lloyds
“Stephen Hester was far from clear this morning despite telling his colleagues just two days previously that they could cash in half their bonus in June. This kind of evasive behaviour is not right for the Chief Executive of a bank majority owned by the taxpayer.
“It is utterly outrageous that the Chancellor and the banks have done this deal behind taxpayers’ backs. What’s worse is that they are all using strikingly similar weasel words to try and cover it up. The taxpayer needs to be told straight by the Chancellor how much in total RBS and Lloyds will be paying in bonuses for this year and how much the best paid senior staff will be able to pocket and when.”
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