John Redwood’s intervention during the opposition day debate on Youth Unemployment and Bank Bonuses, 23 Jan

Mr John Redwood (Wokingham) (Con): Will the hon. Lady explain why Labour Ministers accepted and approved such grotesque contracts for RBS, so that they now personify payment for failure?

Rachel Reeves (Leeds West) (Lab): We introduced a bank bonus tax to get some money back from the banks. The Government refused to go ahead with it and, instead, gave the banks a tax cut this year. That is not acceptable, and that is what the motion is about.

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2 Comments

  1. Techno
    Posted January 29, 2012 at 12:23 pm | Permalink

    Reeves was a banker at HBOS when it collapsed. Elsewhere in the debate she complains that banker bonuses are rewards for failure but she doesn’t say whether she regards her own bonus as a reward for failure. Probably not, I would imagine, and additionally she probably regards her own bonus as a private matter that is nobody’s business but her own.

  2. SimonD
    Posted January 29, 2012 at 11:11 pm | Permalink

    Good question…bad answer

    If politicians wonder why they have such a bad reputation part of the reason is exchanges like this. What is wrong with simply answering the question?

  • About John Redwood


    John Redwood won a free place at Kent College, Canterbury, and graduated from Magdalen College Oxford. He is a Distinguished fellow of All Souls, Oxford. A businessman by background, he has set up an investment management business, was both executive and non executive chairman of a quoted industrial PLC, and chaired a manufacturing company with factories in Birmingham, Chicago, India and China. He is the MP for Wokingham, first elected in 1987.

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