Unite, Britain’s biggest union, has accused the government of hypocrisy for continuing its legal challenge against the EU cap on bankers’ bonuses but blocking RBS’ attempts to boost bonuses under the same EU cap.
Unite national officer, Dominic Hook said: “The government knows its cosy relationship with the spivs and the speculators is toxic for voters. The truth is the UK government opposes the EU cap on bankers’ bonuses and is even challenging the cap in the courts on behalf of their pals in the city. The Treasury knows its real position on bankers’ pay is deeply unpopular so its blocking RBS.
“If the government wants to put its money where its mouth is and really change the bonus culture then George Osborne has to stop wasting taxpayers’ money defending fat bonuses in Europe?
“For ordinary workers in branches, call centres and back offices in RBS they will be lucky to get a couple of hundred pounds, let alone a bonus worth 100 per cent of their salary.”
Under new European rules, RBS requires the approval of shareholders to award bonuses up to 200 per cent of fixed pay. However the UKFI, which manages the Treasury stake, said it will not support a resolution which proposes avoiding the cap.
Last year the UK Treasury launched a legal challenge against the EU cap on bankers' bonuses which limit the bonus to no more than a banker's salary.
Contact: Ciaran Naidoo on 07768 931 315
Twitter: @unitetheunion Facebook: unitetheunion1
Notes to editors
• Unite is Britain and Ireland’s largest trade union with over 1.4 million members working across all sectors of the economy. The general secretary is Len McCluskey.