BANKING SECTOR AND CITY BONUSES

Early day motion 353, tabled 17 December 2008 by John McDonnell (Labour). Signed by 45 members.

That this House notes that in the last year the Government effectively bailed out the banking system in general and several banks in particular; further notes that since that intervention interest rate cuts have not always been passed on in full and the home repossession rate has escalated; is disappointed that City bonuses are expected to amount to £3.6 billion this Christmas; believes that this is further evidence of a banking sector unwilling to change its greed is good culture and is obscene at the present time; and therefore believes the banking industry needs to be fully nationalised under public control so that finance is provided in the national interest.

Signatures by party: Labour 34, Independent 3, Plaid Cymru 3, Liberal Democrat 2, DUP 1, Scottish National Party 1, Social Democratic and Labour Party 1.