Cathy Jamieson MP, Labour’s shadow financial secretary to the Treasury, commenting ahead of tomorrow’s results from RBS, said:

 

“Taxpayers will be staggered if huge bonuses continue to be paid out at a time when significant losses are being made.

 

“George Osborne should make clear he will reject any request from RBS to increase the bank bonus cap so bonuses worth more than 100 per cent of salary can be paid.

 

“With bumper bonuses continuing this year across a number of banks, the government should also be repeating Labour’s successful tax on bank bonuses this year. This could fund a paid job for every young person out of work for 12 months or more, which they would have to take up or lose benefits.”