ConDem tensions over bankers’ bonuses have been laid bare with the sacking of senior Liberal Democrat Lord Oakeshott who criticised the "pitiful" deal announced by 'The Boy' George Osborne.Lord Oakeshott, a close ally of Vince 'Lightfoot' Cable, the Business Secretary, was last night removed from his post as the Lib Dem spokesman on Treasury issues.
His departure from the post came after he condemned the Coalition’s agreement with the banking industry as inadequate and accused Mr Osborne’s team of “arrogance and incompetence”.
Under the deal with the industry, the heads of the taxpayer-backed high-street banks will receive staggeringly inappropriate multi-million pound pay and bonus packages for last year.
The Chancellor said it was time to move from “retribution to recovery”, which seems to be shorthand for let them have whatever they want, and agreed to water down laws which would have identified multi-million pound bank traders.
However, under the terms of the “Project Merlin” deal, the country’s main high-street banks have agreed to increase lending and provide funding for community projects – in return for the Government not vetoing their bonus payments. We will believe that when we see it. And frankly, we won't ever see it!
