From the TUC

RBS bank bosses’ bonuses: 28 million more reasons why we need Robin Hood

09 Mar 2011, by in Economics

Last night, after most journalists had gone home for the night – but not eagle-eyed Sean Farrell of the Independent – the Royal Bank of Scotland (the one we, as taxpayers, own) announced that it was paying its top executives bonuses worth £28m, including £7.7m in cash and shares for its florid-faced chief executive Stephen Hester, far more than even the multi-million pound rumours of a few weeks ago. TUC General Secretary Brendan Barber responded by reiterating the unacceptable behaviour of those at the top of the financial sector, saying that this latest example of snouts in the trough demonstrated again the need for a Robin Hood Tax:

“If ever we needed definitive proof that we’re not all in this together, this is it. It’s austerity for the little people, but bonuses as usual for those who did most to cause the crash. It’s time the government made the banks pay their fair share with a Robin Hood Tax, and the money it raised would help prevent the need for such deep cuts in public spending.”