Wednesday, 12 January 2011

Osborne "bows to rich and powerful"

Alan Johnson has said George Osborne "bows to rich and powerful whilst bearing down on everyone else" as the row on bankers' bonuses continues. A Lib Dem backlash is expected.

The BBC's Business Editor Robert Peston says the outgoing chief executive of Lloyds Banking Group Eric Daniels is in line for a bonus of about £2m this year. This came on top of recent reports that Stephen Hester, boss of the Royal Bank of Scotland which is 84% taxpayer-owned, could receive a £2.5m bonus.

While Alan Johnson is making a powerful speech, lets not forget what happened under Labours watch. Labour did little to regulate bankers' bonuses - at a time when Ed Miliband was working at the Treasury. The rich got very very rich, equality is down. Is it a surprise things will get even worse with the Tories, time for something different.

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