Labour said they have tabled a Commons motion calling on the government to reject calls reported from RBS to approve bumper bonuses for senior staff.
Responding to a report by the Financial Times that RBS, along with various other banks, was planning to overcome new EU legislation to cap bonuses at the level equivalent to one year's pay, Labour's Chris Leslie said:
At a time when families face a cost-of-living crisis and bank lending to business is falling, it cannot be right for George Osborne to approve a doubling of the bank bonus cap.
It shouldn’t have taken the EU to act to rein in excessive bonuses, but there has been no action from the Chancellor here in Britain.
As the majority shareholder, the government should reject any request from RBS to increase the cap. We will put this to a vote in the House of Commons as part of our opposition day debate on the Government’s wider failures on banking.
Last year the EU officials agreed to cap bankers' bonuses at a year's salary.
More top news
Despite overcast weather a large crowd joined veterans and gathered around Dunkirk's memorial square to pay their respects.
A German 65-year-old teacher from Berlin has given birth to quadruplets after a pregnancy that was widely criticised because of her age.
Although there are bright skies for many as we start the bank holiday, more central, eastern and south eastern regions will be cloudy.