Banking

Part of Oral Answers to Questions — Prime Minister – in the House of Commons at 1:00 pm on 9 February 2011.

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Photo of George Osborne George Osborne The Chancellor of the Exchequer 1:00, 9 February 2011

I agree with my hon. Friend that the banks should show restraint and an appreciation of the society in which they operate, the challenges that we face with the economy and, indeed, the squeeze on families' incomes, in part due to the high prices of things such as oil and food. I make this observation: the bonuses this year will be lower than those in the last year of the Labour Government; and, as a result of this agreement, they will also be lower than they would have been, a point that will be confirmed by the independent non-executive director of the individual bank.