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date: 22 November 200

embargo: For immediate release

Government failing to rein in banking bonuses, says TUC

Commenting on news today (Monday) that the Chancellor is planning to ditch rules drawn up by the previous government requiring UK banks to disclose bonus and salary payments above £1 million, TUC General Secretary Brendan Barber said:

'Not only is the government failing to rein in bonuses, it's now planning to let bankers keep them secret.

'This may be a triumph for the bankers' lobby, but ministers are mistaken if they think this will head off public anger at mega-bonuses at a time of supposed austerity for all.

'The biggest financial crash since the 1930s was caused by giving too much power to banks. Not only are we back to business as usual for bonuses, but it looks once again as if the banks are calling the shots with government.'

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Contacts:

Media enquiries:
Rob Holdsworth T: 020 7467 1372 M: 07717 531150 E: rholdsworth@tuc.org.uk
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Press release (300 words) issued 22 Nov 2010