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Labour's Tough Talk on City Bonuses Lacks Credibility

Leading Greens have been skeptical about Labour's call for the Chancellor to get tough with RBS as the bonus season approaches. The Green Party has long been calling for the Chancellor to use his controlling stake in the bank to require it to operate for the common good rather than in the selfish interest of shareholders. The Green Party say that they also have a clear policy of requiring fundamental reform of the banking sector rather than the ‘mere tinkering’ with bankers' remuneration being proposed by Labour.

The Green Party Finance speaker and lead South West European candidate Cllr Molly Scott Cato said: 

"With the traditional bias towards defending their friends in the City we would not expect the Tories to take serious action to constrain the worst excesses of the banking sector. But Labour have no such allegiance and so it is disappointing to see them taking such a feeble line. The banking catastrophe is not an example of a failing market that can be saved by a little more competition. Nothing short of determined political action to separate retail and commercial banking and a ban of the most destructive types of financial products can protect society from another banking crisis and ensure that this most vital sector works for the common good."

If elected, Professor Scott Cato plans to work with Green MEPs Philippe Lamberts and Sven Giegold, who have been instrumental in bringing in the EU-wide bankers' bonus cap and developing strong regulation of the EU-wide banking sector.

Notes

1. Molly Scott Cato is a Professor of Economics at Roehampton University and the Green Party's Finance Speaker: 07890 832891.

2. In November Professor Scott Cato called on Business Secretary Vince Cable to split up Royal Bank of Scotland (RBS) and turn it into a network of local community banks.

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