Earlier this year Teignbridge MP Richard Younger-Ross condemned the return of the bonus culture, strongly criticising the Government for not tackling the problem head on. Now he has welcomed news that a windfall tax on bankers will be announced in the Pre Budget Report tomorrow (Wednesday, December 8).
Richard said: “Public anger over bankers’ pay will not go away and the Government have sat back and let it rumble on. At last, however, they are now heeding my calls and formulating plans for a windfall tax on banker’s bumper bonuses. It’s been a long time coming but I welcome the news.”
In July the MP called for rigorous control of the bonus culture and tabled an early day motion urging the Government to limit bonus payments to bankers by applying a 90% tax on all bonus payments in excess of 15% of salary.
(from a press release from Richard Younger-Ross’s office)