At Prime Minister's Questions this week, Graeme challenged the Prime Minister to re-instate the banker's bonus tax in light of HSBC's decision to award £2.3 billion in bonuses.
Graeme Morrice: If he will list his official engagements for Wednesday 26 February.
This week HSBC announced staff bonuses of £2.3 billion and a 140% pay rise to its chief executive. When ordinary British families face a cost of living crisis and too many people languish on the dole, is it not time for this Government to listen to Labour and to tax bank bonuses to get our young people back to work?
The Prime Minister: Let me join the hon. Gentleman in congratulating Team GB on its best medal performance at a winter games since 1924. It was a huge honour to welcome them to Downing street, where I had an explanation of the tasks of skeleton bobsleighing and, indeed, curling. Our congratulations go to everyone involved and all those who helped to train them.
Bank bonuses are well down from the appalling situation that was left by the previous Labour Government, but what we need to see is the proper control of all forms of pay and bonuses. What I do not want to see, and what I think we would get from the Labour party, is a focus only on bonuses, because, of course, you can claw back a bonus, but you cannot claw back pay. We do not want to go back to the days of Fred Goodwin, where you could be paid well for an appalling performance.