BWTUC support Billy Bragg's No Bonus 4 RBS campaign.

05/02/2010

BILLY BRAGGS NO BONUS 4 RBS CAMPAIGN HITS WANDSWORTH WITH THE SUPPORT OF BATTERSEA AND WANDSWORTH TRADES COUNCIL.

The musician and political activist Billy Bragg has launched a campaign calling on Alistair Darling, the Chancellor of the Exchequer, to cap the bonuses of investment bankers at the Royal Bank of Scotland. Billy is asking people not to pay their taxes, arguing that the banks have now been nationalised and therefore tax payers are share holders.

Billy said “What I don't understand is why, now that we taxpayers are the majority shareholders of these banks, we seem totally powerless to curb their excessive bonus culture. The estimated £1.5bn that RBS will pay to its investment bankers next month in the form of bonuses will ultimately be drawn from the taxes that you and I are due to pay on 31st January.”

The campaign calls on the Treasury to cap investment banker's bonuses at £25,000 and hopes that if enough people write to Alistair Darling to inform him they will be with holding their taxes the Chancellor will be forced to curb the excessive bonus culture within the banking system.

Battersea and Wandsworth TUC's spokeswoman, Nadine Houghton said “We have been told time and time again that public services will be cut, that we will have to tighten our belts and that we are all in this together. I would argue that we are not all in this together, if that were the case then the bankers at RBS and other banks would not believe it was ok to use tax payers hard earned cash to fund their lavish lifestyles. It is an absolute injustice that the Chancellor has allowed this practice to continue.”

BWTUC will be supporting a protest organised by Billy on Sunday 7th February from 1pm at Speakers Corner where Billy will be speaking on the issue.