This is a humiliating climbdown by George Osborne

Ed Balls MP, Labour’s Shadow Chancellor, commenting on George Osborne’s announcement that he is abandoning his legal challenge to the EU cap on bank bonuses, said:

“This is a humiliating climbdown by George Osborne, which he has tried to sneak out under the cover of the Rochester and Strood by-election.

“The Chancellor revealed his true priorities when he decided a year ago to spend taxpayers’ money fighting a bank bonus cap while working families face a cost-of-living crisis. He should tell taxpayers how much money he has now wasted on this challenge, which we warned him against.

“It shouldn’t have taken the EU to act to rein in excessive bonuses, but George Osborne has totally failed to act here in Britain.

“Labour will reform the banks and levy a tax on bank bonuses to fund a paid starter job for young people out of work for over a year.”

Ends

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Posted November 20th, 2014 by Ed's team