Osborne defends the indefensible on bankers' bonuses

Osborne defends the indefensible on bankers' bonuses

05 March 2013

Unite, Britain's biggest union, has accused George Osborne of "defending the indefensible" today (Tuesday 5 March) by telling EU finance ministers in Brussels that he could not support proposals to limit bankers' bonuses to a year's salary.

Unite general secretary Len McCluskey said: "George Osborne is defending the indefensible by opposing a cap on bankers' bonuses. Britain needs a chancellor who will fight for our public services, not for a tiny elite with telephone number salaries. The chancellor is happy to cap the welfare payments of those struggling to get by, but not the bonuses of the casino bankers who caused the economic crisis. 

"Along with Ukip the Tory-led government is alone in Europe in opposing a cap on bankers' bonuses, even the Swiss in a referendum supported curbing bonuses.

"The chancellor is on the wrong side of every argument and out-of-touch with the people of this country. From April millionaires will get a £40,000 tax cut while  record numbers of young people are unemployed and our economy flatlines. Britain desperately needs a new chancellor with some radical fresh thinking who will do more than just help his chums in the city while millions struggle to make ends meet." 


Contact Ciaran Naidoo on 07768 931 315

Notes to editors: 

  • Unite is Britain and Ireland’s largest trade union with 1.5 million members working across all sectors of the economy. The general secretary is Len McCluskey.