Osborne warns taxpayer support must not be used for mega pay deals

George Osborne warned that banks must not abuse taxpayer support following reports that UK banks will pay over £4bn in bonuses this year.

The Shadow Chancellor stressed, "Banks should watch out that they do not misuse taxpayer support – it’s designed to facilitate lending, not mega pay deals. Without taxpayer support, the whole system faced failure.”

In a speech at the ABI Conference last month, George warned that another round of unacceptable bonuses was on its way – but Labour have failed to take action to stop it.

George stressed, “The government - who own half the banking system - should realise that actions speak louder than words."