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Congleton Liberal DemocratsCampaigning all year round for the people of Congleton, Holmes Chapel, Alsager, Middlewich, Sandbach and surrounding areas. |
Regulating excessive bankers' payments
July 22, 2009 5:22 PM
Dear Sir,
Most politicians still do not grasp the seriousness of the public's anger about the excessive payments made to many bankers. Much of this is at present coming directly from the public purse following the semi-nationalisation of banks such as RBS and Lloyds. The Government could use this money to raise tax thresholds for the working people of Congleton struggling to pay ever-increasing fuel, food and energy costs.
One of the consequences of these unwarranted bonuses is that they can incentivise short-term risks that risk long-term stability. The regulator needs to approve the remuneration and compensation policy of regulated financial institutions. It should then make public this assessment and any action it takes.
For nationalised and semi-nationalised banks, there should be even stricter controls. The Government must curb excessive payments while understanding the need to retain experienced staff. Only then will it begin to regain the trust of the British people that it has so let down in recent months.
Yours sincerely,
Dr Peter Hirst
Liberal Democrat Parliamentary Spokesperson for Congleton
Rushton Drive
Middlewich
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