BANKERS' REMUNERATION AND TAXPAYERS' MONEY

That this House regards the salaries and bonuses of the chief executives of the leading high street banks as totally unacceptable when public sector workers have had legitimate claims for wage rises rejected on the grounds that to grant them would increase inflation; notes that at the same time ordinary bank workers are themselves facing the uncertainty of possible job losses; further notes the respective salaries before bonuses last year of four of the leading high street banks were £4.19 million for Sir Fred Goodwin, Chief Executive of the Royal Bank of Scotland, £2.8 million for Eric Daniels, Chief Executive of Lloyds TSB, £2.4 million for John Varley, Chief Executive of Barclays and £1.9 million for Andy Hornby, Chief Executive of HBOS; believes that the remuneration of the chief executives of each bank accepting taxpayers' money for recapitalisation should be reduced to the equivalent of the average of all its employees, with no end-of-year bonus; and further believes that the Government should ensure that any bank that accepts taxpayers' support should not make redundant any ordinary workers.