RBS BONUSES

That this House condemns the proposal by RBS to pay bonuses to some staff double their annual salaries without even agreeing it with its largest shareholder, the UK Government; believes that bonuses are given to people for doing the wrong things well, things that harm the economy; points out that the bank is on schedule to lose £8 billion in 2014, and in total has now incurred more than £40 billion of losses since the £46 billion bail-out in 2008; notes that the Government owns 81 per cent of RBS and holds a controlling stake in Lloyds, while adopting a hands-off position which allows the same destructive policies which created the financial crisis to be reprised; reminds the Government that it can tell RBS what to do and in particular to lend to small businesses; and concludes that the banking industry is pursuing goals which are detrimental to the long-term economic interests of the country which enrich only a tiny minority while sapping human and financial resources from the rest of the economy.