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Public services before bankers bonuses – Qurban Hussain

Liberal Democrat Luton South Parliamentary Spokesperson Cllr. Qurban Hussain has leant his support to Vince Cable’s calls for excessive banker’s bonuses to be taxed to help repay the tax payers who bailed them out.

Mr. Hussain’s support for a bonus tax comes after it was announced that high earning bankers, working at banks where tax payers are the majority share holders, were to receive billions of pounds in bonuses only a year after their near collapse.

Vince Cable MP, Liberal Democrat Treasury Spokesperson, argued that “The simple and correct approach, since many banks are returning to high levels of profitability, is for banks to pay for the taxpayer guarantee that they currently enjoy”.

After the board of the RBS threatened to resign if not awarded their bonuses Dr Cable responded by saying that “banks must act in public interest” and that it is they who should come first rather than the bankers.

Following on from his support for Liberal Democrats fair tax system proposal last week, Qurban argued:

“With Vince Cable so strongly arguing that bankers bonuses should be taxed it is clear that the Liberal Democrats are dedicated towards creating a fairer society. After so much empty talk from the government about protecting tax payer’s money after we bailed the banks out and the Conservatives arguing that people are being unfair to the bankers who created the economic mess it is no wonder that people are angry and disillusioned about this situation.

As the major share holders in bailed out banks, people are right to be outraged that such bonuses continue to be awarded while public services are set to be cut because of the economic collapse. It is only right that the tax payer is able to get their money back and by taxing bonuses we will be able to put £2 billion back into public services at a time we need it the most.

The money saved could be used to fund apprenticeships in our community, allowing young people to be trained in skilled jobs that will be of long term benefit to our local economy. It is they, among others who need help in our community, who should be our priority at this time not bankers.

While the Labour party continue to ‘warn’ bankers, the Liberal Democrats are right to argue that we need to take action on the mater now. Bankers should be grateful to the British people for supporting them and it is only right that they pay us back rather than further reward themselves.”


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