Barry Sheerman
Main Page: Barry Sheerman (Labour (Co-op) - Huddersfield)Department Debates - View all Barry Sheerman's debates with the HM Treasury
(10 years, 3 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Chris Leslie
I am not sure that the hon. Gentleman has alighted on the best criticism of the fact that we are having an Opposition debate today on the failures in the banking sector. He is a bit off message because he at least admits that it was the banks that got us into the economic catastrophe in the first place. That is slightly off the script that Ministers usually use.
Mr Barry Sheerman (Huddersfield) (Lab/Co-op)
Does my hon. Friend agree not only that this is a good day to have this debate, but that most of the people in Huddersfield, whom I represent, and in this country cannot understand the culture of bonuses for bankers? These people have failed us and have failed small businesses and start-ups, and yet they have a bonus culture that is unlike anything else in the country.
Chris Leslie
My hon. Friend is right to speak of the anger that his constituents feel. While many of his constituents and mine are struggling with the cost of living crisis, what has been the Chancellor’s response to the concerns about, and the evidence of, excessive pay? Does the Chancellor regret the millionaires’ tax cut or missing another year of the bankers’ bonus tax? Does he reflect on the outrage among the public, which my hon. Friend has expressed, who want leadership in tackling such brazen rewards? No; the response of the Chancellor of the Exchequer is to oppose even the most basic transparency, which would let shareholders know about bankers who are paid more than £1 million, and to oppose any action in the UK to tackle the excessive bonus culture.
The Chancellor’s response to public concern was to travel to Brussels in September last year to oppose Europe-wide moves to limit bonus payouts to no more than 100% of salary levels for those who are on £400,000 or more, unless there is approval from shareholders. The Chancellor continues to spend hundreds of thousands of pounds in legal fees to fight that new EU rule tooth and nail, even though it has only just come into force.