CITY BONUSES

That this House is shocked by data from the Office for National Statistics that city bonuses are expected to be £7 billion this year, in the midst of the deepest recession in a generation; believes the Government should act immediately to introduce a windfall wealth tax on these bonuses; notes that many of these same institutions have been saved from bankruptcy by taxpayers' cash, and have laid off thousands of workers in recent months; and therefore calls on the Government to nationalise the financial sector to protect the taxpayer, save jobs and ensure profits are used to fund public need rather than private greed.