Labour MP grilled by Kay Burley over cap on bankers' bonuses
Labour MP Jonathan Reynolds was put on the spot this morning over Labour ruling out reinstating a cap on bonuses for bankers.
Shadow business secretary Jonathan Reynolds was asked about shadow chancellor Rachel Reeves confirming Labour would not bring back the cap despite criticising the Tories for scrapping it.
Host Kay Burley put it to My Reynolds that Ms Reeves previously said axing it "tells you everything you need to know about this Government".
She asked: "Does it tell us everything we need to know about you flip-flopping?"
Mr Reynolds said: "Look we never pledged that we would bring it back. I stand by all of those comments."
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Ms Burley asked again: "Let me put it another way then you can't wriggle out of it. Are you going to put the cap back?"
The Labour frontbencher said: "No we're not. It was of its time, post-financial crisis, the reforms that were put in place around the stability of banks and other rules relating to bonuses, that is more important.
"Really all this has done is it hasn't really delivered what was originally intended. As a policy to deliver what the British economy needs it's not a priority."
Pressed on why Ms Reeves made her original comments, he added: "I think when people's energy bills and food prices are high, it's kind of an odd decision for the Government to make."
When it was put to him the cost of living pressures remain, he went on: "They are but that's a different question to whether you reverse a decision the Government has made and bring it back.
"It's not a priority. If I was here saying the way to get the economy to grow more, to put more money in people's pockets, is to bring this back that argument wouldn't stand up to be honest."
Ms Burley then challenged Mr Reynolds on whether Labour is "happy to cap child benefit but not bankers' bonuses".
Sir Keir Starmer's party has said it would keep the two-child benefit cap.
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Mr Reynolds said: "I would not make that comparison. The point around this is it's not about limiting.
"The bankers' bonus policy was never about how much people were paid, it's the structure. So basically what was previously a bonus went into basic pay. I just want to be clear it's not about people saying bankers should earn more, that's not our view."
The cap on bankers' bonuses was introduced in the wake of the 2008 financial crisis to limit annual payouts to twice a banker's salary but a decision to ditch it was made during Liz Truss's premiership.
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