Green Assembly Baroness Jenny Jones calls on the Mayor to “promote banks and credit unions that spread prosperity around the city, instead of making our economy ever more unequal unstable.”
Every low paid worker in London could be brought to a living wage with the bonuses
given to just a few thousand bankers over recent years reveals Jenny Jones’ new report.
Picture courtesy of Dave Pape.
Responding to the news that Barclays Plc expects to cut up to 7,000 jobs in Britain this year while paying higher bonuses, Jenny Jones AM commented:
“The Mayor of London likes to champion Barclays and other banks by saying they create jobs and wealth. But today’s news shows that our banking sector is broken.
“Another round of bumper bonuses show why Europe’s banker bonus cap is necessary, and why the Mayor was wrong to oppose it. To protect the interests of ordinary Londoners, he should putting pressure on the Bank of England regulators to get tough on banks that try to sneak around the bonus cap.
“In recent years, just a few thousand top bankers have received bonuses big enough to bring every low paid worker in London to a living wage. The Mayor should be promoting banks and credit unions that spread prosperity around the city, instead of making our economy ever more unequal and unstable.”
Jenny Jones published a report in January, The Bankers Mayor, in which she examined the Mayor’s uncritical support for London’s financial services industry, and the problems the sector has created for London. The report can be downloaded from: http://www.london.gov.uk/profile/jenny-jones/reports