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Chuka Umunna MP, Labour’s Shadow Business Secretary, commenting on the latest announcement from Barclays on bonuses, said:

“We are proud the City is the leading financial services centre in the world but no witness to recent history could claim with credibility that the finance sector has functioned in the responsible way which British businesses and society as a whole were entitled to expect these past few years.

“We agree with investor groups like the Association of British Insurers and business leaders like Sir Mike Darrington who have said we cannot go back to business as usual as far as pay and bonuses are concerned – there must be a culture change and reform to rebuild trust.   

“Regardless of the individuals concerned, when making huge payouts Barclays and others must be able to justify such payments to their investors and the British people who are still paying the price for the recession caused by the banks and who continue to provide an implicit taxpayer subsidy to the sector.   

“If banks like Barclays fail to sufficiently justify paying out large bonuses, it will further erode rather than rebuild the trust and confidence in our banking system which we want to see return.

“Labour would repeat the bankers’ bonus tax to create 100,000 jobs for our young people. Ministers have refused to take this step but have instead handed the banks a corporation tax cut, showing how out of touch they are with the concerns of people up and down the country.”

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