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  • Writer's pictureKenneth Gibson MSP

Labour's Bankers' Bonus Focus


The Labour Party has had yet another policy flip-flop - this time on bankers’ bonuses.


The bonus cap, introduced after the 2008 financial crisis to curb the types of excessive risk-taking that contributed to the crash, was scrapped by the Tory UK Government last year.


After spending last year highlighting what a terrible decision it was to lift the curb on bankers’ bonuses during a cost-of-living crisis, Labour has now followed suit and confirmed there will be no cap under a Labour government.


Perversely, Labour now wants to lift the cap on bankers’ bonuses but keep the two-child benefit cap.


Bankers' pay packets and now more of a priority for Labour than child poverty - shattering any pretence of them being a progressive party.


This comes as analysis by Open Democracy revealed that Sir Keir Starmer's Labour Party has received the equivalent of £2 million from international banks, professional service firms, consultancies, and financiers. International lobbying and financial firms have also provided members of staff to work part-time in the offices of shadow cabinet members.


Sir Keir Starmer is right when he says he’s changed the Labour Party. The problem is that he has changed it into a party unrecognisable from the values it once espoused.

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Kenneth Gibson SNP

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