Balls lambasts Osborne over bank bonus inaction

By Mark Ferguson / @markfergusonuk

Ed Balls has attacked George Osborne for being “all talk and no action” on bank bonuses. in the wake of reports that the heads of both Barclays and HSBC are in line to receive bonuses of £8 million and £9 million respectively. In a statement today, Balls said:

“George Osborne boasted he was the man to curb excessive bank bonuses but nine months into office it is clear he has been all talk and no action. As George Osborne is discovering on the economic recovery and now with the banks too, sound and fury signify nothing. What matters for Chancellors is whether they deliver on their promises and get results.”

“This is typical of a Conservative Party and a Chancellor who have simply not been on the case with the banks since they took office and who vocally opposed tougher regulation throughout the last decade before the global financial crisis hit.”

“The Tory-led government should put their words into action and deliver on Labour’s plan to require banks to reveal who gets million pound bonuses. They should re-think their plan to give the banks a tax cut this year and adopt Labour’s plan to repeat last year’s £3.5 billion bank bonus tax and use the money to boost growth and help create the jobs we badly need this year.” ‬

What is perhaps most interesting about this statement in Balls’ continued attacks on Osborne’s economic revisionism (“[Tories] vocally opposed tougher regulation throughout the last decade before the global financial crisis hit.”) and an attack we haven’t as much of so far – but we are likely to see more of – the failure of Osborne to keep his promises, and get results.