Undeserved bonuses should be spent supporting real business growth, says TUC

date: 16 January 2013

embargo: For immediate release

Responding to the announcement today (Wednesday) that Goldman Sachs and JP Morgan are increasing their bonus pool for 2012, TUC General Secretary Frances O'Grady said:

'Ordinary workers across the UK are suffering real terms pay cuts as a result of our current economic troubles.

'And yet the very institutions responsible for this huge squeeze in living standards, both through causing the financial crash and failing to lend adequately to businesses, are now back handing out six figure bonuses and huge inflation busting pay rises.

'The billions wasted on undeserved bonuses could be far better spent on what banks are supposed to do - supporting real business growth.

'The government should force banks to get back to serving the wider economy, rather than simply serving themselves lavish rewards.'

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