Fiona Backs Banker’s Bonus Tax

Fiona O’Donnell MP Hits out at Conservative and Liberal Democrat MPs for Failing to Tackle Youth Unemployment

East Lothian MP Fiona O’Donnell this week criticised the Conservative-led Government for voting against measures which would have repeated last year’s successful bankers’ bonus tax and used the money raised to help create much needed jobs for young people in East Lothian.

Fiona said:

“There are thousands of young people – including many in East Lothian whose talents are going to waste. The Government fails to understand that getting people off the dole and into work is the best way to get the deficit down. Repeating the bonus tax would have been a key step in a more balanced deficit reduction plan that puts jobs and growth first.

“Given the problem of youth unemployment in this country, it is astounding that Conservative and Liberal Democrat MPs failed to vote for a tax on banker’s bonuses.

“One of the first things this Tory-led Government did last year was scrap Labour’s successful Future Jobs Fund for young people, their decision not to support Labour’s bank bonus plan risks creating another lost generation of young people.

“Putting young people on the dole is not just a waste of talent but a waste of money too. Failing to get Britain back to work fast enough is helping to push up the benefits bill by over £12 billion – that’s £500 for every household in East Lothian.

Fiona is backing the campaign launched by Ed Balls and Liam Byrne for a tax on bankers’ bonuses, people can sign up to the campaign by going to www.britainslosttalent.co.uk

Ends

Notes to Editors

1. Labour tabled an amendment to the Finance Bill calling for last year’s £3.5 billion bank bonus tax to be repeated this year – on top of the permanent bank levy – and for the funds raised to be used to create jobs and apprenticeships for young people, build more affordable homes and support small businesses.

2. Conservative and Liberal Democrats voted against the measure in the House of Commons by 215 to 288: http://www.publications.parliament.uk/pa/cm201011/cmhansrd/cm110705/debtext/110705-0002.htm