Unison: Still no clamp down on bonus culture
Dave Prentis, Unison general secretary, commented on the interim report of the Independent Commission on Banking:
“The move to reward investment over profits fails to clamp down on the huge bonus culture. We need long-term banking commitments to rebuild jobs and industry, not a short-term fix.
“Banks should be forced to back long-term social investment in housing, green technology and social care. Whilst we understand the need for banks to hold greater capital reserves, this cannot lead to the contracting out of UK lending when our economy needs a boost. The re-building of their balance sheets should not come at the expense of investment.
“Bank branch closures are also a threat to communities and will see many more unemployed joining the hundreds of thousands of public sector workers at the dole queues.
“Some banks are threatening to relocate rather than face reality, but the findings reveal the false claims they have made over the impact this will have on the economy. These measures do not go far enough – what we really need is a Robin Hood tax, which would add £20 billion to the public purse. This could save local services from being shut down, stop the axing of nurses jobs, keep children’s nurseries open and save adult day centres from closure.”
