January 30th, 2012

Taxpayers Cut Off Nose

Hester wasn’t going to get his hands on his bonus for over a year, it wasn’t even going to come directly from treasury funds and most of it would have ended up in Treasury coffers, yet this morning £320m has been wiped off of the value of the British taxpayers’ forced investment. With mob mentality over-ruling contracts, there are obvious jitters around the banks this morning.

Despite the cost, as well as the glaring hypocrisy of sitting in the cabinet that drew up Hester’s contract, this is a short-term political win for Miliband. At the beginning of the year Guido explained how the Labour leader was planning on adopting a role similar to that taken by George Osborne in opposition. It’s all about timing…

This submarine strategy will see Ed only surface for key fights, such as he has done this weekend. It has paid off today, but is Ed really planning on spending his entire career as Leader of the Opposition waiting for events to try to react to first? Miliband-wagon…


  1. 1
    La' says:


  2. 2
    The Stilton Eater says:

    Cameron and Osborne failed big time here. They became victims of events.

  3. 3
    FrankoManko says:

    Has it paid off? A very rich politician bullies a hard working business man to forego his bonus, Ed is making some very important enemies on his way up.

  4. 4
    Tessa Tickles says:

    It seems to be becoming a trend.

  5. 5
    Jedi Joe says:

    If I were Hester I would walk away. He is being used as a political football and doesn’t deserve even a half of the stick he is getting.

  6. 6
    Joss Ayinglike says:

    Wasn’t Hester employed by one James Gordon Brown to prevent the complete meltdown of the Royal Bank of Scotland ?

    I bet Red Ed helped draw up his contract of employment together with Ed Testicles.

  7. 7
    david says:

    Guido: Bob Crowe, for rich people.

  8. 8
    Fred the Shred ( knighted by Gordon Brown for services to banking ) says:

    Gordon would have knighted him by now.

  9. 9
    Pawn Sandwich says:

    Too true.

    Is Murdoch important? Nah, lets shit all over him!

  10. 10
    Steve Miliband says:

    ”Mr Hester’s total package of £35.54m since joining the bank in 2008. That year, when the then Labour government bailed out RBS, Mr Hester was awarded £4.99m in restricted shares, forgoing pay and bonuses. In 2009, his package was worth £6.9m. In 2010, his total package rose to £8.16m. Last year, the total was £8.08m, including a long-term incentive plan (LTIP) worth £4.8m, bonus £1.66m and salary and pension contributions. For 2012, the total figure is £7.38m – including LTIP worth £4.8m, his bonus of £963,000 and £420,000 pension contributions and £1.2m salary..”

  11. 11
    Grauniad says:

    Towering leader…Churchillian…BBC reporting every precious utterance…

  12. 12
    Trinny says:

    Some very earnest chappie on TV now talking about Scottish independence. Very active hands. Seems very sincere.

  13. 13
    Tessa Tickles says:

    Surely, Hester’s bonus should have been paid out of the aid we give Scotland every year?

    A Scot (admired by Alex Salmond and Knighted by Gordon Brown) crashed a Scottish bank, running it into the ground, England bailed-out the Scottish bank (for which we receive no thanks from Scotland) and an Englishman is wasting years of his life picking up the pieces and turning it around, no doubt for Scotland to smash it to pieces again at some point.

    Of course Hester should get a bonus – paid for by the Scots.

  14. 14
    T.B£iar - the People's Messiah says:

    Chicken feed. And I bet he pays tax.

  15. 15
    Bunny says:

    Milliband has been cosseted from reality from birth, what makes you think that making an enemy of Hester will make any difference to the man? I very much doubt that Milliband will ever have to leave the Westminister Village or its environs, such as the Guardian and left wing media. He has nothing to worry about.

  16. 16
    Tessa Tickles says:

    He deserves England’s fullest support.

  17. 17
    Nan Taylor says:

    No-one really believes that Hester will lose a penny of this bonus, do they? Greater minds than Ed’s will already have found a way around this as soon as the shit hit the fan. Win-Win for Hester, Win-Lose for Militwat but Lose-Lose for the taxpayer.

  18. 18
    genghiz the kahn says:

    Perhaps Boris should buy Call Me Dave a ticket to see the Iron Lady.

    If that opportunistic little weed Miliband can force Cast Iron Man into a U turn, what will Merkozy and Sarkel do to him?

  19. 19
    bergen says:

    On the radio this morning they trailed a speech Miillipede was due to make in Glasgow in defence of the Union.As Labour depends on Scottish MPs , I thought it would be powerful stuff about national/working class solidarity/unity/shared history etc. Instead he wittered on about abstract ideas on equality. I bet Salmond couldn’t believe his luck.

  20. 20
    Desperate Dan says:

    John Lewis paid £194.5million in bonuses to its staff last year. Does Ed think they should be confiscated as well?

  21. 21
    Loungelizard says:

    iI don’t think this was down to Miliband, Hester wouldn’t be overly concerned with the little twerp. The decider would have been the media interest, who want’s the press crawling over every aspect of your life.

  22. 22

    amazing how the bankers pride themselves on taking everything from the people while selling us the ultimate virus a credit card

  23. 23
    Desperate Dan says:

    I wish Ed would go into more detail about his “shared history” with Scotland. He hasn’t even got a shared history with England and I don’t see why everybody has to pretend that he has.

  24. 24
    Sophie says:

    All those gold lined troughs of westminster.

    I am glad they have set the precident of tearing up contracts – the public can now do the same with the troughing liars in Parliament.

    Vote UKIP – Cameron the Weak out.

  25. 25
    Jess The Dog says:

    You don’t get it. RBS was bailed out at a £40bn cost to the taxpayer. It is owned by the taxpayer. It is a bank still in the doghouse, not supporting homeowners and small businesses. Most taxpayers have endured at least some relative drop in income, with pay freezes etc.

    Hester knew the political context when he took on the job. He has wisely backed down in the face of public opinion. This will probably be to his great benefit in the long run. It may also be a line in the sand for the excesses of bankers. They need to remember that it isn`t their money! Some will say that Hester had a contractual right to the money. Tough. Most of us have such rights that have been overridden or ignored. Some will say that banks should be free from political interference. Well, RBS was bailed out by the taxpayer… political interference.

    So spare the wailing over banks taking a hit. The tail of a fat cat has been yanked and it has a bit less cream. The Dutch did exactly the same last year, and not before time. Economic success depends upon individual productivity and not megabonuses for those at the top.

  26. 26
    Ah! Monika says:

    Labour leader Ed Miliband is to warn that efforts to improve social justice would be hindered by independence.

    Delivering a speech in Glasgow later, he will attempt to rebut the arguments advanced by the First Minister Alex Salmond.

    Nothing to do with the fact that independence would see the end of the labour party in government

  27. 27
    Selohesra says:

    And when he does walk away and no one else is prepared to take on the role Ed & the BBC will again say its all Dave’s fault

  28. 28
  29. 29
    Jess The Dog says:

    RBS is not a Scottish bank. It is owned by shareholders and investors, mainly the UK taxpayer.

  30. 30
    meme says:

    1 – 0 to labour spin machine – vs tory

    if cameron wants shareholders to have more say he needs to lead from the front…… doh!

  31. 31
    Angela Merkel says:


    It is obviously madness to attack Hester’s financial rewards – especially since theu arise from his contract signed by the New Labour rabble (which should be stufed down their throats on every occasion)


    The whole question of rewards for failure – and massive failure at that – should not be swept under the carpet….Thousands of bankers made billions out of selling toxic/fraudulent products and never paid a penny back…

    And the institutions they rapped were bailled out by the benighted taxpayer as we know

    It is that which must stop…

  32. 32

    Visà-viz you remarks, who holds the gun to the customer’s head insisting he/she has to use the card?

  33. 33
    Desperate Dan says:

    Miliprat says that thanks to him the sun rose this morning.

  34. 34
    eeyore says:

    Yep. Do these donkeys really need a carrot dangled in front of them to move forwards?
    Why not insert the carrot in the front end and use a big stick on the back end?

  35. 35
    I don't need no doctor says:

    So Ed Miliband will be wheeled out from the Labour Asylum from time to time. I imagine this is following visits from his union paymasters.
    Why hasn’t Darling been interviewed over Hester’s renumeration package? Who agreed what, surely FOI can reveal the documents, or was nothing put in writing.

  36. 36
    God says:

    Hester has gone down in my esatimation – he should have stuck two fingers up at Labour’s threat and taken the bonus he was contractually entitled to. There is no way that Labour could have stopped him from doing so. Hester’s best move now would be to walk away from RBS and take a job where he is appreciated!

  37. 37
    A Slick Almond says:

    We don’t want it.

  38. 38
    Ed Balls - Shallow Chancer says:

    Wrong. The sun shines out of my arse.

  39. 39
    Anonymous says:

    I wouldn’t give a furry cat’s arse about this bonus except RBS are not lending to small business They have in fact after 32 years and no defaults whatsoever withdrawn my overdraft. Getting ready to sell RBS cheaply like Northern Rock?

  40. 40
    Archer Karcher says:

    “what will Merkozy and Sarkel do to him?”

    Run rings around him…..as usual.

  41. 41

    I would like to propose a Pétanque tax of €100 levied on every game played, including boules.

    It would apply equally across the European Union.

    Fanny paie à boire!

  42. 42
    Outlier says:

    Rubbish Guido.
    Whatever their motives, Labour is right on this. The bonus culture is a joke, benefitting a few; and is based upon a very shaky – if not – disingenuous premise.
    No-one is irreplaceable, and why should Hester and the rest be paid multi million pound bonuses in addition to the multi million pound packages just for doing their bloody jobs?
    Something has to give…..

  43. 43

    I would like to propose a Pétanque tax of €100 levied on every game played, including boules.

    It would apply equally across the Europеan Union.

    Fanny paie à boire!

  44. 44
    Disingenuous headline spotter says:

    Shouldn’t your header read “Frenzied Media Cuts Off Taxpayer’s Nose……”?

  45. 45
    George Lees says:


  46. 46
    Nick Clegg says:


  47. 47
    Rage Against the Political Elite says:

    RBS is that big and relies on events outside of its control. Who really runs any of the BANKS?
    Global Fiscal Policy and War, Energy Taxation etc are totally outside of RBS control. Any fuc–r could run it as it runs itself. All of the Banks have been operating a financial system built on Growth. Contraction of economies is an economic disaster area, and they will FAIL.

  48. 48
    Jedi Joe says:

    Milliband being opportunistic? I never!! The guy’s a fool and a hypocrite of the highest order.

  49. 49
    Reason says:

    The local council normally.

  50. 50
    Anonymous says:

    That photo of Millibland looks like he’s just about to be shot.

  51. 51
    Graham Smith says:

    Gven that the entire bonus was to be paid in shares that he couldn’t cash in for quite some time, the obvious incentive for Hester to improve the bank’s valuation has now disappeared.

    Another example of the law of unintended consequences?

  52. 52
    Red Ed's non-predator union bosses says:


  53. 53
    Put Housing Benefit Claimants into Caravans says:

    Dedward Miliband is about to announce a new funding iniative for the Labour Party, a new bin tax. A Labour spokeswoman said, “the electorate think Labour is rubbish so it’s only fitting we source our revenue from rubbish.” She continued,” there must be 30 million bins out there so £1 a week tax would help our Labour MP’s so much.” A Labour MP said,”it’s been so hard having to pay for our own stuff from our own money when previously we could trough on expenses.” “This additional funding would mean going back to the good old days with free food, electricals, holiday homes, porn films and all the other things we as Labour MP’s are entitled to.”

    Dedward Miliband, “delivering blandness & mediocrity in tough times.”

  54. 54
    Shut the Chuck up says:

    I felt sick at Chuka “£1500 designer suits” Umunna pontificating about this on Sky and BBC News last night. Meanwhile, Gordon Brown keeps his salary as an MP without actually doing the job. Labour bullied Hester into waiving his bonus, there should be a concerted campaign to bully Brown into stepping down as an MP.

  55. 55
    SFG says:

    Bandwaggon Ed,
    Never yet seen a media movement he didn’t want to leap ontop of, no matter his previous positions or responsibility regarding the matter

    I suppose when your in his position standing behind the papers whipping up a mob must appear as popularity,

  56. 56
    genghiz the kahn says:

    Deadwood doing his bit for Scottish Independence.


  57. 57
    media scum says:

    i gather the market movements are across the banking sector and reflects unease about France looking to a domestic Tobin tax – not bonuses

  58. 58
    Up sh1t creek says:

    Was not a win for Red Ed, especially considering his Labour bunch drew up the bankers contracts in the first place, and it was Labour that threw taxpayers money at banks that SHOULD have just collapsed under the weight of their FRAUDS )if we had Capitalism that’s what would have happened).

    As it is, thanks to Labour, the taxpayer has given money to fraudsters, and the bankers continue to defraud knowing the taxpayer is there to “bail out” again, because the ConDem coalition are as bent as Labour.

  59. 59
    Mark Austin says:

    John Lewis bonuses are paid proportionaetly to income to ALL staff, not just a favoured few.

    They come DIRECTLY from the profits, and are not based on meeting arbitrary, and almost unmissable targets.

    I see no objection to that.

    What I do object to is giving massive bonuses to, as I said, a favoured few just for doing their jobs – and in this case this is all he has done, nothing special, nothing out of the ordinary in relation to the job he was hired to do – or to so-called “traders” about whom it has been shown again and again that they perform little if any better than chance.

  60. 60

    An Italian policeman in Bolzano once tried to fine me for a mistake I had made whilst driving in the city. He insisted I produce my credit card. I told him that I did not possess one (not true – I had 10 or so), but I could give him the cash. He was not allowed to accept cash and looked frightfully uncomfortable when I waved some at him. In the end, he had to let me off. (In southern Italy he would have trousered the money of course.)

  61. 61
    Anonymous says:

    Ooeeoo. Milliband shows some nifty technical footwork and scores whereupon Guido sticks his underpants on his head and claims “it’s sooo unfair”.

    Didn’t the real Guido show a bit of application and technical expertise not to say courage in the original plot?

  62. 62
    Forrest MiliGump says:

    Life is a box of chocolates….you never know what yer gonna git next……

  63. 63
    Gordon Brown says:

    I bankrupted the country but I’m making thousands giving speeches. And if you criticise me, I’ll bully you. That’s why I’m a hero to my contractual wife, Miss Macauley. I told her to say I’m her hero. That was when we were seen together in public. But since the public failed to correctly elect me as their leader, we’re not seen together anymore. That’s because I’m either in Fife or flying off to make speeches, and she’s always in Washington or Canterbury.

  64. 64
    Grumpy Old Man says:

    The contract was drawn up by Darling, apparently with the agreement of the Sage of Kirkcaldy. At the time, Labour, having created the banking crisis, were desperate to get men of some standing to take on the job of turning round a basket case, the previous disgraced CEO having been knighted for services to banking by said Brown.

  65. 65
    Thought You Should Know says:


    Islamic Terrorism is worth around £15 trillion annually to the Terror Masters

  66. 66
    Observer says:

    The Hester bonus would have been one-fiftieth of what the UK taxpayer gives to the EU each day, but Miliband calls no Commons debate over that matter.

  67. 67
    Fish says:

    This has always been Milband’s modus operandi. In fact he doesn’t have to wait for events – he is quite capable of jumping on a bandwagon that is already rolling in the knowledge that is friends in the BBC and the Guardian will make sure that it’s his voice that is heard, loudest and longest.

    The is much rejoicing in Broadcasting House this morning. The lefty insurgents there have Hester’s scalp. Emboldened they are finding difficult to hide their glee and their bias.

    We can expect more, much much more of this.

    Today is a very bad day for Britain. The left have breached the firewall that beyond regulation, they should not pass. They will feel that they can now interfere in the opertional decision making within this bank and wider business.

    Undemocratically Miliband (with his BBC wingmen and vested intersests) are opposing and frustrating every reform that Labour were too incompetent to deliver in office be it Welfare, Education, the NHS, Pensions, rebalancing the economy. It feels that the country is becoming ungovernable.

    Miliband and his ‘voices of conservatism’ cannot be allowed to get away with this ‘hit and run’ politics. He’s not just a buffhuhne – he’s a dangerous bufoon. Someone needs to take him to the cleaners.

  68. 68
    Pointless politicking: they're all the same says:

    Milliband is obviously a brazen opportunity and has no credibility. But then again neither do Cameron or Osborne.

    All agreed with the bailouts. All agreed with no regulation. All pretty much agreed with Brown’s spending plans until it became convenient to pretend otherwise.

    Is there no one in the UK who could do an equal job to Hester for less pay? I can’t believe there isn’t.

  69. 69
    say what you see says:


  70. 70
    lol says:

    lol, how true!

  71. 71
    purpleline says:

    The Tories must stop this little marxist / socialist attacking Capitalism & English contract Law.

    It is time to turn the tables Eric Pickles must come out in the debate on boardroom pay today (Lab opposition debate) and declare that the coalition will start with the public sector.

    Anyone in the public sector earning 65k or more including MP’s will take a 20% pay cut and the money saved will be used to pay public sector workers under 65k a pro -rata pay rise. This will be a restructuring and redistribution of monies from the top to the bottom and will not be new money.

  72. 72
    not making sense says:

    Has Theresa May borrowed that suit David Byrne used to wear?

  73. 73
    purpleline says:

    The bottom line no one is forced to take a credit card

  74. 74
    ffs! says:

    I think you blew up the thread London Muslim.

  75. 75
    jgm2 says:

    I’m amazed Hester doesn’t just quit. Decline his bonus. Then quit.

    It’s truly depressing watching Labour making political capital out of a chap that they brought in, on a contract they drew up to sort out a mess that they created.

    I’m genuinely amazed that Hester didn’t just call a press conference and tell them to go and fuck themselves. Then quit. Right at the very beginning Labour made a commitment that while the taxpayer ‘owned’ the bank the government would keep it at arms length the easier to make it to sell on at some future point. Government interference in the day-to-day running is a recipe for disaster. Now they (Labour) spend all their time trying to micro-manage the fucking thing from opposition.

    There was some potential up-side to this had Hester held out and let the Commons have a vote on honouring his contract. If a quick show of hands can be used to negate Hester’s contract then a quick show of hands would, by extension, be good enough to negate the rest of the public sector’s contracts.

  76. 76
    Up sh1t creek says:

    Labour MPs got a bonus called a “resettlement fee” after the 2010 general election. They were REWARDED for FAILURE – destroying the UK economy. When will LABOUR MPs give back this undeserved money? Or do I smell hypocrisy from MPs who attack the private sector, but continue to let rip in the public sector with bonuses for MPs, Whitehall staff, and local government management and bosses.

    It is obscene that council bosses award themselves £300,000 for managing small bits of the UK, and are quite happy taking from the rapidly shrinking private sector taxpayers over and over.


  77. 77
    Tessa Tickles says:

    Mainly the English taxpayer. And I’m reasonably certain Alex Salmond would disagree with “it’s not a Scottish bank”.

  78. 78
    Tessa Tickles says:

    Only if Hester had completely fucked-up what he’s doing.

  79. 79
    BISleyan says:

    Nonsense! This is not a victory for Miliband in any sense whatsover. Millions of Tory voters would be cheering at this news.

    In any case, your post is riddled with lazy mistakes.

    “it wasn’t even going to come directly from taxpayers funds” – That’s not true. An RBS share in taxpayers’ hands counts as taxpayers funds.

    “and most of it would have ended up in Treasury coffers” – That’s neither here nor there. What would happen if those shares did remain in taxpayers hands? The last time I looked, the notional value of UKFI investments in RBS do count as Treasury funds.

    “this morning £320m has been wiped off of the value of the British taxpayers’ forced investment.” – A straightforward example of the “Post hoc ergo propter hoc” logical fallacy if I ever saw one.

  80. 80
    Grumpy Old Man says:


  81. 81
    jgm2 says:

    No-one is irreplaceable

    True. For example the c*unts at the BBC sticking the boot in about bonuses while keeping quiet about the huge salaries paid to so many of their news-readers and senior staff for doing something that really could be done by 50% of the population.

    Here’s an au*tocue. Just read that into the camera and we’ll pay you 25K a year. And if you don’t like it we’ll get the next one in line to read it for 25K a year. They pay huge amounts of money for Oxford-educated newsreaders and commentators and then these pointy-heads, brains the size of planets supposedly, are content to uncritically read out Labour party press releases. Have they no fucking pride?

    Obviously not.

  82. 82
    Desperate Dan says:

    Just because the Labour spin machine claims all sorts of wondrous victories for Ed ever five minutes doesn’t mean anyone believes them. Except for journalists of course but they’re a bit thick.

  83. 83
    2 Para says:


  84. 84
    That's politics says:

    Tis all a bit odd to me. A big song and a dance about a top banker getting a million squid bonus from his company of which he will have to give half a million squid to HMRC.

    Yet hardly a word is mentioned about Osborne handing over tens of billions to the IMF in order to bailout the Eurozone. I gues that’s politics for you.

  85. 85
    Jim says:

    A workers worse nightmare is when you leave your current job and step forward into a new contract. You are totally committed to depend upon the law and your new employers integrity and honesty.
    Flip Flop Labour have used/abused parliment to frustrate a commercial contact that they not only signed but had designed to entice this man away from his stable employment.
    Although Cameron has honoured the law on the Contract of Employment surely we can now cancel the aircraft carrier contracts without crooked compensation payments.
    The other missed point is that the State are not bankers. We are here to recover lost funds amounting to some 46 billion pounds. The payment of 46 million for 46 billion is reasonable. THE BONUS IS SAVING THE BANK AND ITS EMPLOYEES.

  86. 86
    I can't be arsed to think up a new pseudonym says:

    It is disgraceful that public hysteria and envy can result in the abrogation, in practical terms, of a legal employment contract.
    Now that the precedent has been set, may we see a lowering of the extraordinarily high remuneration of tube train drivers and their union bosses?
    Step forward Mr Corvus and refuse your grossly overvalued salary.

  87. 87
    Reality check says:

    So the British taxpayer has just lost £500,000 of revenue because of Ed’s politics of envy?

  88. 88
    Tessa Tickles says:

    Scottish independence: The end of Labour in England, the end of Scottish MPs imposing their will on the English *and* an end to Scottish parasites taking our money. And we could get rid of the Scotch fuckwit Camoron.

    What’s not to like? Seriously, if the Scots should choose to vote “NO”, we in England to should have a referendum to ensure we get the right result.

  89. 89
    Drop a Daisy cutter on the BBC says:

    If it were making a profit Salmond would call it his.

  90. 90
    Anonymous says:

    Funny Red Ed mentioned Fuck all about changing bank regulation, remunaration and the banks Labour nationilised with taxpayer cash when he wrote the 2010 Labour party manifesto!

  91. 91
    Cell time says:

    A lack of genuine Patriotism in HOC huge issue.


  92. 92
    NBeale says:

    If we’re going to look at unjustified rewards, how about looking at the £20M+ pa trousered by Blair – in a way that is completely non-transparent and is blatantly milking his former position as PM.

  93. 93
    grobdj says:

    Only those who decided to buy into RBS as a New Year Resolution could possibly be bothered by this

    The share price which matters (to most of us) is the one when the taxpayer decides to sell. At that point, the City will mark the share price down anyway so they can make a killing.

  94. 94
    Anonymous says:

    You’d really walk away from £1.2 million a year because of a a bit of criticism in the papers? Really?

  95. 95
    Dave Wisteria says:

    I would not mind being long at 27.25 this afternoon target 28.00

  96. 96
    Gone fishin' says:

    How much does Sir Fred continue to draw? One of Brown’s finest acts.

  97. 97
    Daft Old Sot says:

    He would prefer that The Sun never came out again. The most successful newspapers and staff/NUJ fee payers can go to the wall. Now The Guardian is such a nice paper, though failing, in comparison.

  98. 98
    Anonymous says:

    Where’s its registered office? Where was it incorporated? Scotland so that makes it a Scottish bank.

  99. 99
    Trough Catcher says:

    Miss Jack Dromey should pay all the union money into a fund for Woman Impersonators and Frock Fiddlers. Definitely should not pocket the £50,000 “bonus” for asking union questions. Shameful behaviour.

  100. 100
    Really is really good... says:

    John lewis is favoured by the elderly. But then they have all the money.

  101. 101
    fraser says:

    Moronic reaction from the public and the opposition on this. Stock options are exactly the kind of bonuses that we need introduced. It ties the fortune of the bankers to the success of the banks.

    A little disappointed there was not more leadership from the coalition on this TBH

  102. 102
    Allan D says:

    Miliband might do better to complain about the bonus payments awarded at the publicly-funded BBC which are totally unrelated to performance and the inflated pay of its senior executives and bloated unresponsive bureaucracy but since the Beeb is completely in the tank for Labour and he needs as much support as he can get until 2015 (assuming he lasts that long) he won’t, of course.

  103. 103
    jgm2 says:

    Although Cameron has honoured the law on the Contract of Employment surely we can now cancel the aircraft carrier contracts without crooked compensation payments.


    Let’s do it.

  104. 104
    Anonymous says:

    Labour Politicians do one thing and say another.

    Let’s remember that it was blatently obvious that due to Labour’s economic castastrophy living standards would be affected in this period.

    When Labour were kicked out by the people did they waive their severence pay as Ministers even though they contracted the economy by 7.4 % in the recession? Bare in mind they are still Labour MPs and get an income yet they took the severence pay even though they utterley failed the country. The only thing Labour did on public sector pay was to cut the incoming prime ministers pay by 5%. When Cameron says we are all in this together in a sense he is right as he had his pay cut. Did Ed Miliband have his leader of the opposition pay cut by a similar amount? He should forfiet it as he is failing as leader of the opposition and return his severence pay – Ed Balls, Harriet Harman and the rest of them should all pay back to the country that severence pay – they stayed in office whilst wasting money i.e. creating contracts for bankers bonuses, uncancellable aircraft carrier contracts and the like. Labour should be challanged on all these things and humilated into paying back their severence pay as they offer no apology for the mess they left in office.

    If conservative politicians will not rally against Labour’s double standards on pay then maybe the media should start a campaign for Red Ed and his useless former minister mates to give up the severence pay they did not deserve on leaving office. Labour go on about cuts but it is there fault and they MUST share the pain as they expect everybody else apart from themselves and there vested interests to do so.

  105. 105
    Anonymouse says:

    How much does Bobby Peston earn? I seem to remember that David Bumblebee earns £500,000

  106. 106
    Desperate Dan says:

    Are you talking about BBC executives?

  107. 107
    jrand says:

    …. and publishing full colour pix of Master of the Hounds Hester.
    No pity required. The man knew what he was taking on and he went in blindly accepting a Liebour boobytrapped bonus when the whole world thinks — rightly — that banker bonuses are rewards for collapsing the global economy. Foolish man that Hester.

  108. 108
    jrand says:

    If he did there’d be plenty of replacements lining up fast, and in the current global depression he’d likely struggle to find something similar. The mantra about paying them or they will go elsewhere is total crap in today’s market.

  109. 109
    Me & Mine says:


  110. 110
    jrand says:

    John Lewis was not forcibly bailed out by un-consulted taxpayers so that a totally Mcbonkers Scots crim could appease Edinburgh voters.

  111. 111
    jrand says:

    John Lewis was not forcibly bailed out by un-consulted taxpayers so that a totally Mxcbxonkers Scxots crimx could appease Edinburgh voters.

  112. 112
    jrand says:


  113. 113
    Civil Servant says:

    I don’t know how he’ll get by on £13,000 a week.

  114. 114
    Knob Ed says:

    If all I’ve got is a blank sheet of paper, what else can I do?

  115. 115
    M says:

    When the pot from which a bank lends is reduced by the separation of investment banking from domestic banking the pot from which to lend is less competitive hence share price drop something that was forced on the bank rightly so the targets the bank were aiming for before the separation were unattainable . The question should be were the lending targets changed to suit ?

  116. 116
    M says:

    Millibandwagon the chancer
    Once again Milliband what your policy on this ?

  117. 117
    La Belle Fromage says:

    Have you ever heard of commas or parentheses?

  118. 118
    La Belle Fromage says:

    Running rings? Is that a new Olympic event?

  119. 119
    Why ... says:

    The finance sector was bailed out by the public. It’s hard to see what the idiots at the top are being paid for.

  120. 120
    Ivor Tapeworm says:

    Or insert the carrot in the back end.

  121. 121
    Gissajob says:

    Most of them are bloody unintelligible (probably because they don’t actually understand what they are reading) and auto-B-cue-ing down the Labour Exchange (or whatever it is called today).

  122. 122
    Gissajob says:

    ..and Chucka too. Chucka ‘imout, pontificating little shit that he is.

  123. 123
    Gissajob says:

    Remember now, “raising taxes puts money into the economy”.

  124. 124
    Ivor Tapeworm says:

    Not really; the £1m would have come out of RBS’s profits – if it doesn’t make a profit this year, then offset against profits some time in the future. That would reduce the corporation tax RBS would eventually pay. So it would be tax on £1m extra profit versus tax on £1m earnings. Add to that the tax that most shareholders would pay on the extra profit, and it roughly balances out.

    Of course, the Government is the main shareholder, but then the effect is paying itself the tax on profits. Again, a zero sum game.

  125. 125
    Wife of Bath says:

    The trouble with bonuses like these is that it ensures that you are in no hurry to fix things.

    If you do not pass GO again, you don’t get another bonus.

    Keeping the bank in the doldrums is a nice little earner.

    Hester would not have paid tax on his bonus.
    He has an accountant for that.

    Funny how these Tax Avoidance Accountants are really brilliantly efficient at their jobs.

  126. 126
    Really? says:


  127. 127
    Jim says:

    You should never let the truth get in front of a good story.

  128. 128
    Jim says:

    But he is not a shareholder.

    His job is to be PM and uphold the Law.

    (The taxes he pays come from taxes anyway)

  129. 129
    Handycock No1 Trougher in Parliament says:

    I cannot stand all these private sector Fat Cats troughing, it is a disgrace.

  130. 130
    Anonymous says:

    Those who vote the legislation through can, and do, change it whenever they want. We must assume that they like what they see and complain about tax avoidance (as opposed to evasion) just to play to the gallery.

  131. 131
    Bob Diamond Geezer says:

    Problem is banks don’t make anything. In slightly simplistic terms really all they do they is move money around and taking a slice off it. This they call “profit” but it is not profit in any meaningful sense it is a slice of our money. The more “profit” the banks make the more of our money they are taking. At present they are syphoning money off investments, pensions, bank charges, anything and everything. The more the banks make the poorer we get it is as simple as that. So all the slimy fat cats trousering million pound bonus payments are nicking our dosh as simple as that. Thins is the public are beginning to realise this and no amount of blaming the Last Labour lot (inept and self serving as they were) or the present Labour lot (inept and self serving as they are) will distract us from the rotten stench coming from the city.

  132. 132
    Anonymous says:

    The question is whether the donkey’s response to a dangling carrot will be enthusiastic forward motion if he knows that one of his kin found that such a response led only to the insertion of a carrot up his rear end.

  133. 133
    robbie says:

    Its a fair point Mr GF, but the fact is that the Tories have only themselves to blame for a monumental PR cock up and failing to heed the sense of outrage that the bonus culture is still alive in the public controlled boardrooms of banks.

    If we’re all in this together, then surely Hester should have sensed what was coming when he took the job. Maybe he will swan off to another cushier private sector job but the issue now is to clean out that grubby RBS boardroom where the snouts are still deeply embedded in the trough.

  134. 134
    Phil from the Wrekenton Seven Stars says:

    Are you a complete cretin?

    If Hester is doing such an absolutely fuckin top notch job turning RBS around then surely he would dig into his own pockets to buy millions of shares now that they are trading under 27p .

    He could even arrange a new Bank loan to buy them which would keep Cable and the others happy!

  135. 135
    Hang The Bastards says:

    a typical Millibandwagon comment.

    Exactly what you would expect from someone who knew nothing about business and wealth creation for taxpayers.

  136. 136
    Trigger says:

    BBC whinge incessantly about bankers, yet http://www.bbc.co.uk/news/entertainment-arts-14732894 was evidently OK..

  137. 137
    Go on, have a firm word says:

    Not here in East Herts. This Council is dysfunctional.

  138. 138
    bill says:

    his was to be paid on share performance.

    the shares need to go up for him to get paid.

    the lynch mob just do not connect the need for schools and hospitals and where the money comes from.

    the drop in the share price because of the lynching is worth 10 new schools. good work you morons.

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Alan Milburn says Labour’s scaremongering campaign for an unreformed NHS will not win election…

“It would be a fatal mistake, in my view, for Labour to go into this election looking as though it is the party that would better resource the National Health Service but not necessarily put its foot to the floor when it comes to reforming. Look, reforms are not easy, but the Labour Party is not a conservative party. It should be about moving things forward not preserving them in aspic. You have got a pale imitation actually of the 1992 general election campaign, and maybe it will have the same outcome. I don’t know.”

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