I've just sent this message to the 31,000 who signed our online petition at www.giveupthebonus.co.uk to stop RBS paying out £1b of our money in bonuses. Thought you might like to see it.
Hello,
You might have heard on the news that RBS have now agreed to pay out £175m in bonuses. This is 7% of what they paid last year and £825 million less than its reported they wanted to pay out this year.
So I think this is a 93% victory for people power, common sense and Government intervention.
More than 31,000 of you signed our online petition to get RBS to Give Up The Bonus. I can now reveal that after I presented our petition to John McFall, the chair of the Treasury Select Committee, I held a private discussion with RBS Chief Executive Stephen Hester to voice your anger over the proposed pay out.
I made it very clear on your behalf that the public would find it morally and economically outrageous for the taxpayer to pay £1b to reward failure. I also said the counter staff should get a better pay deal and there should be a fundamental review of the wage and bonus system. I also read out some of the comments from petitioners to reinforce my argument.
Mr Hester listened to what I had to say and promised to consider what he’d heard and do what he could to meet our conditions.
The end result is that counter staff have a better pay deal, the bonuses handed out are the bare legal minimum and none of the RBS bankers who got them into the mess will get a pay increase or a bonus. I also understand that investment bankers do not make up the majority of those receiving this bonus.
So it's a 93% victory. There’s still a lot more to do and our online army will be keeping a close eye on Lloyds Banking Group in the next few weeks.
But the bigger prize now is the fundamental review of our banking system to ensure we put fairness and stability right at the very heart.
As I said to you before, we are all shareholders now so let’s keep making our voice heard.
Thanks for all your support. This is all down to you.
Yours,
John Prescott.
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what is involved in the longterm bonus strategy for senior bankers which the Chancellor could not give a convincing answer to. And today the newspapers are reporting that the deferred payments could total as much as £600 million, which brings the total bonus package up to £1 billion,
I find whats proposed in the States much more exciting and transparent and I hope Obama does not attempt to water down these much needed reforms to a totally discredited financial system.
This is all just a smoke screen. As you quite rightly say, this government and especially Brown, Prescott and Blair should be held to account for the terrible financial disaster that has only just started. They have been running the country/economy for the past 11 years. These people call themselves socialists but they don't give a flying toss about people like you or me. Prescott can't even be bothered to answer posts on his own blog, which says it all. I have put this question to him 8 times and am still waiting for an answer. I will try again now.
Mr. Prescott.
What are your feelings on the transparency of MP's expenses? Do you think it is right that you and your colleagues skim off huge amounts in expenses and perks from taxpayers money? My wife and I survive on a meager pension and yet we still pay tax each month which subsidises your Champagne lifestyle. Can you please explain, as a professed socialist, how you can justify this.
I wish I was a US citizen - Barack Obama's inauguration speech summed up what used to be our values very nicely.
It is unethical to suggest one rule for some but not for others. Give those workers in the banks earning less than £20,000 a salary upgrade. The abolishment of huge bonuses payouts to executives will surely make this possible.
I have signed the ‘no bonuses’ petition but I will not fill out your survey because it does not ask enough questions, nor does it ask the right questions.
Lots of people earn less than £20,000 a year e.g. classroom assistants, shop workers, manufacturing jobs etc. but they do not receive bonus payments.
Dale Smith
Sorry for not replying to the posts but as you can imagaine, I've been busy with the campaign.
As I've said, it's a 93% victory. The £165m goes to those on an average salary of £19,000 - giving them a 10% pay rise to replace their bonus scheme.
That's why the fundamental reviews of wage and bonuses are important and we'll be keeping a close eye on matters.
Finally, to Issac - sorry for not getting back to you and that you had to leave eight posts.
I have always believed in transparancy - I actually campaigned for the introduction of the Register of Members Interests and supported the Freedom of Information act.
I also have no paid directorships.
Thanks for your comments.
JP