Lord Oakeshott raised the bar on bankers' bonuses last night. He promised strong action and reiterated Nick Clegg's words that the Lib Dems "won't stand idly by" on bank payouts.
Senior Liberal Democrat Lord Oakeshott raised the bar on bankers’ bonuses last night by promising strong action and reiterating Nick Clegg’s words that the Lib Dems “won’t stand idly by” on bank payouts.
Speaking on Newsnight, the Lib Dem peer and Treasury spokesman said:
“This is a real moment of truth for the coalition on fairness. We can’t have a bonus bonanza in the age of austerity.”
Earlier the programme showed a clip of John Mann asking Bob Diamond, chief executive of Barclays:
“on how many occasions have the PM and chancellor met with you personally, looked you in the eye, and asked you to show restraint on the size of your bonus.”
The surprising answer by Mr Diamond: “They have not”. Despite the Conservative party’s tough rhetoric on bankers’ bonuses the reality is hardly surprising. As Next Left reminds us, two years ago David Cameron told a group of bankers including Bob Diamond that the City was in his blood:
“My father was a stockbroker, my grandfather was a stockbroker, my great-grandfather was a stockbroker.”
But Lord Oakeshott, a close ally of Vince Cable, insisted that a conversation had taken place in recent weeks between Vince Cable and Bob Diamond which “can only be described as an arid discussion … there was very little meeting of minds”. The Daily Express’ Chief Political Commentator Patrick O’Flynn was quick to spot the political significance of the exchange by tweeting:
“Oakeshott on Newsnight dynamite on bankers, will be consequences tomorrow. So outspoken with hints of Cable briefing … now Cable must back it up with action or look like a total tool.”
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17 Responses to “Top Lib Dem: Bankers’ bonuses are “moment of truth for coalition””
Darren Johnson
Are LibDems really serious about restraint on bankers bonuses?@leftfootforward http://bit.ly/ho5p4j #ukuncut #protest
Anon E Mouse
Will – Is this until the next “moment of truth” for the coalition?
I remember the last government where every speech from the PM was his “most important”. Until the next one.
Why can’t Labour realise that the coalition is here for the long haul and the next general election is in 2015? If the government did collapse the Labour Party couldn’t afford to run an election campaign anyway and the Tories would simply win an outright majority.
In the long run the Lib-Dem’s have to keep going now and by the short term loss of popularity, which the government will get in any event because of the cuts and a week being a long time in politics the fact the bankers get bonuses will be long forgotten.
Especially when the banks are sold off in some pre-election give away in 2014. If making the shareholdings of the taxpayer more valuable means those private, legitimate, taxpaying companies pay bonuses so what? 50% comes back in any event.
I could run the party better than this and Labour really needs to start thinking strategically in life because these silly short term statements from them are not going to result in a death by a thousand cuts for this government because only politics fans are listening and they are not Worcester Woman or Mondeo Man…
(PS I though you’d moved on fella?)
Fiona Radic
RT @DarrenJohnsonAM: Are LibDems really serious about restraint on bankers bonuses?@leftfootforward http://bit.ly/ho5p4j #ukuncut #protest
Michaeljon
Cameron to City: “My father was a stockbroker, my grandfather was a stockbroker, my great-grandfather was a stockbroker.” http://ow.ly/3Coyu
L DTUC
RT @leftfootfwd: Top Lib Dem: Bankers' bonuses are "moment of truth for coalition" http://bit.ly/ghmigC