Cathy Jamieson, Labour’s Shadow Financial Secretary to the Treasury, commenting on Lloyds Banking Group’s results, said:

“It’s good that Lloyds is continuing on the road to recovery. We want to see the bank continuing to succeed so that the taxpayer finally gets all its money back.

“But people will be rightly taken aback by the huge scale of the bonuses being paid - especially when Lloyds continues to be part-owned by the taxpayer.

“This year’s bumper bonus season underlines the case for Labour’s tax on bank on bonuses to fund a jobs programme for young people. Labour’s better plan will also deliver wider reform and more competition in the banking industry so consumers and businesses get a better deal.”

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