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Labour defeated on bonus tax motion
Labour have lost a Commons vote calling for a repetition of the bank bonus tax.
Following an opposition day debate on Britain's bonus culture, the motion to repeat the tax - which would not have been binding on the Government - was defeated 295-244. Chuka Umunna opened the debate by admitting Labour got it wrong on regulating the City.
But the Shadow Business Secretary also suggested the Government admit they also got it wrong, as at the time they called for even lighter-touch regulation. Labour using the debate to call for bonuses to be awarded only for “genuinely exceptional performance.”
Shadow Chief Secretary to the Treasury Rachel Reeves this morning called for a repeat of the tax on "corrosive" bank bonuses to pay for a scheme to get young people back to work. She told BBC News: "This is about priorities – our priority is youth unemployment, not a tax cut for the banks.”
Following an opposition day debate on Britain's bonus culture, the motion to repeat the tax - which would not have been binding on the Government - was defeated 295-244. Chuka Umunna opened the debate by admitting Labour got it wrong on regulating the City.
But the Shadow Business Secretary also suggested the Government admit they also got it wrong, as at the time they called for even lighter-touch regulation. Labour using the debate to call for bonuses to be awarded only for “genuinely exceptional performance.”
Shadow Chief Secretary to the Treasury Rachel Reeves this morning called for a repeat of the tax on "corrosive" bank bonuses to pay for a scheme to get young people back to work. She told BBC News: "This is about priorities – our priority is youth unemployment, not a tax cut for the banks.”
Green Box: Labour defeated on bonus tax motionClick to open
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