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Wednesday, November 6, 2013

Local MP slams Cameron over bankers' bonuses

Clwyd South Labour MP Susan Elan Jones has branded Prime Minister David Cameron as "useless" for failing to act on bankers' bonuses.

At today's session of Prime Minister's Questions (Wednesday), she asked Mr Cameron why he hadn't acted to stop bankers' bonuses "growing 91% more than ordinary wages in the last year".

Speaking after her questioning of the PM, Ms Jones said: "David Cameron's assured us time and time again that we would not see a re-run of bankers being able to take home obscenely high bonuses while ordinary, hard-working families are feeling the pinch.

"Either the Prime Minister couldn't care less about the situation or he is absolutely useless at his job. As the gap between those on City bonuses and everyone else gets wider and wider, I don't think most people in Britain will believe his claim that we are all in this together."

Response from Mark Isherwood AM: 

When local Labour MP Susan Elan Jones used Llanblogger to attack the Prime Minister after she questioned him over bankers' bonuses on 6th November, she omitted to share his response:
“The point the hon. Lady should bear in mind is that bonuses were 85% higher when the shadow Chancellor was sitting in the Treasury. In fact, we inherited a situation where cleaners were paying higher tax rates than the hedge fund managers they were working for”.
When Gordon Brown opened Lehman Brothers’ London headquarters in 2004, he told Lehman bankers,  'I would like to pay tribute to the contribution you and your company make to the prosperity of Britain.’
The Financial Services Authority’s report, 'The failure of the Royal Bank of Scotland’, refers by name to Messrs Blair and Brown and the current Shadow Chancellor, Ed Balls and details the “sustained political emphasis on the need for the Financial Services Authority to be ‘light touch’ in its approach”.
The National Audit Office reported that the Mr Brown’s Treasury was warned three years before Northern Rock nearly went bust that it needed to set up emergency plans to handle a banking crisis, but did nothing about it.
The former Labour UK Government also ignored a warning on the 12th July 2006 by the Bank of England about the ‘devastating consequences’ and potential damage a credit crunch and a collapse in asset prices could cause to the economy and financial system and which expressed its concern about the complex and risky financial instruments devised by banks and hedge funds.
We are still living with the consequences to-day.

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