Bank Bonuses

Andrew Percy Excerpts

Tuesday 11th January 2011 Commons Chamber

[Mr Osborne]

That is precisely why we are improving the governance around bankers’ pay and remuneration, and why we are changing the system of regulation to replace the failed tripartite system created by the previous Government and voted for by many Opposition Members. We have done more in seven months than they did in 13 years, when they lived off a philosophy that there would be no more boom and bust. We are now picking up the pieces of that failed philosophy.

[Andrew Percy (Brigg and Goole) (Con)]

Constituents in Brigg and Goole are rightly concerned about the bonuses, but they also remember that it was Ministers in the previous Government who spent at least 12 of 13 years supping cocktails with bankers, praising them around the world and dishing out knighthoods to them. I therefore congratulate the Chancellor on his comments on social responsibility and the community fund. Can he tell us when that community fund for the banks will be established, and whether small as well as larger good causes locally will be able to benefit from it?

[Mr Osborne]

I do remember exactly that story of the Labour Government; indeed, I was reminded of it recently when I saw Tony Blair, that well-known consultant for J. P. Morgan. We are trying to sort out the situation that we inherited—a complete mess with no plans to put it right. Now, seven months in, the Opposition still have no serious economic policy to put forward.