Only Conservatives oppose bank bonus intervention |

Monday 16th November 2009 | 15:03

Only Conservatives oppose bank bonus intervention

Conservative insiders are the only group within Westminster to oppose government plans to allow regulators to tear up bankers' contracts

Large majorities of left-leaning and non-aligned political insiders support plans to give regulators the power to tear up bankers’ contracts, according to new PoliticsHome insider research.

Only Conservatives oppose the plans, suggesting that if this measure was designed to be a political trap for the Tories it may be well-chosen.

The Phi100 panel - which comprises MPs and peers from across the political spectrum as well as senior political journalists, party strategists and think tank heads - were asked whether they would support allowing regulators to rip up contracts if they saw fit.

Overall, a fifty five per cent majority of the panel support such a move, with thirty six per cent opposing the idea.

Amongst Conservative-leaning insiders however 78% are opposed to the plan. One panellist commented, "Its legality is questionable and the political precedent is dangerous."

The plan – which according to Sunday’s papers is set to be announced in the Queen’s speech this week – was backed by over three quarters of left-leaning and non-aligned insiders. Right leaning panellists opposed it by a comparably large margin, and Lib Dems were split.

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Tony Jones

16:10 |
16 Nov 2009
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3

Camerons Conservatives stand up for the multi-millionaire bankers, now theres a shock......NOT!

At least we know who they will be standing up for if their party gains power.

A leopard never changes its spots...the Conservatives will always stick up for thier own.

Adro

16:45 |
16 Nov 2009
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4

@ Tony Stark

Or maybe its because they don't believe that the state should interevene in legal contracts between indviduals and their employers. Besides, this new legislation (like so many Labour announcements) is a load of hot air. The Govt could do this kind of thing now, without any new legislation. As usual it is a load of headline chasing from this discredited govt.

On a side point, in terms of cosying up to the rich (and Bankers), New Labour are hard to beat. (Ecclestone, Hinduja, etc etc). Utter hypocrisy for Labour to pretend they are the party of working, taxpaying people. They've single-handedly managed to make the poorest poorer, decrease social mobility and create a perverse system of taxes and benefits that incentivises people not to work.

Adro

16:46 |
16 Nov 2009
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2

Apologies for calling you 'Tony Stark' btw. Am watching Iron Man whilst writing this! :p

LITTLEANGUSSIE

17:04 |
16 Nov 2009
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4

Quite right of the Conservatives to oppose this STUNT!

Do you seriously believe that Brown can get this to stick? It will be thrown out in court at the first hint of a challenge. This is pure electioneering populism designed to get him a bounce in the polls.

The man shoud grow up and get real and present a real progressive manifesto for the country - but guess what?? The whole labour party is bankrupt financially and politically! No direction, no policy (apart from printing money), only filth, bile and envy thrown in the direction of the Conservative party.

Cameron & Co are quite right to treat this stunt with the disdain it deserves.

Anna

18:39 |
16 Nov 2009
Recommended
1

More posterting and electioneering, labour know they cannot legally tear up contracts - I note they are not doing anything about the bonuses due to be paid at the end of this year!

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