BANKING SECTOR AND CITY BONUSES

That this House notes that in the last year the Government effectively bailed out the banking system in general and several banks in particular; further notes that since that intervention interest rate cuts have not always been passed on in full and the home repossession rate has escalated; is disappointed that City bonuses are expected to amount to £3.6 billion this Christmas; believes that this is further evidence of a banking sector unwilling to change its greed is good culture and is obscene at the present time; and therefore believes the banking industry needs to be fully nationalised under public control so that finance is provided in the national interest.