Banking Sector

EDM number 1721 in 2008-09, proposed by John McDonnell on 22/06/2009.
Categorised under the topics of Financial institutions, Pay and Regulation.

That this House notes that the Government bailed out the Royal Bank of Scotland (RBS) with billions of pounds of taxpayers' money and now has a 70 per cent. stake in the banking group; further notes that since that time RBS has announced more than 10,000 job losses; is appalled that the new Chief Executive has been awarded a pay deal of up to £9.6 million, which represents nearly 3,000 times the income of one of the many ex-RBS staff members now claiming jobseeker's allowance; notes with concern reports that Goldman Sachs will be paying out the biggest bonus payouts in the firm's 140 year history; and therefore believes that the Government must now intervene to control the banks in which it has a public stake and legislate to ensure the interests of bank workers and customers are prioritised by the banks rather than the bonuses, pay and dividends of executives and shareholders who caused the UK banking crisis.

This motion has been signed by a total of 47 MPs.