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Labour angry with PM's decision to sanction RBS bonuses

Shadow business secretary Chuka Umunna has criticised David Cameron's move to allow large bonuses to be paid to employees at the Royal Bank of Scotland (RBS).

The prime minister announced a truce with banks and in doing so waved through a sizeable bonus pool for RBS staff - a decision that has irked the Labour Party.

Mr Umunna believes that Mr Cameron is "out of touch" to sanction such excessive pay at a time when the majority of British people are struggling financially.

He also feels that the leader should not have gone against the advice of respected industry bodies such as the Association of British Insurers, which had urged greater responsibility throughout the banking sector.

"The culture of excessive pay is being challenged by shareholders but despite his rhetoric the prime minister sits on his hands and refuses to practice what he preaches on shareholder activism," Mr Umunna commented.

It is thought that intense pressure from the Labour Party was a contributing factor behind RBS chief Stephen Hester's decision not to accept his near £1 million bonus last month.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801293252-ADNFCR

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