Monday, 3 August 2009

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."

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