Public have little faith in MPs reining in bonuses

14 January 2010 1:00 pm | By Nicole Blackmore

The survey of 2,009 people, entitled, Independent Voice, found that 52 per cent have no faith in any party to control bankers’ bonuses while 46
per cent believe that one of the parties could.

Nineteen per cent say that the Conservatives could control bonuses and 14 per cent back Labour. Just 8 per cent say the Liberal Democrats could keep bonuses under control.

Only 12 per cent agree or strongly agree that banks and other financial institutions should be allowed to pay whatever bonuses they see fit while 76 per cent strongly disagree or disagree slightly.

The research shows that bon-uses are high on voters’ list of priorities, with 40 per cent saying they would be less likely to vote for Labour if it fails to bring bonuses for state-owned banks under control.

Nineteen per cent agree slightly that they would be deterred from voting Labour while 5 per cent disagree slightly and 6 per cent disagree strongly. Twenty-six per cent neither agree nor disagree.

On Conservative proposals to scrap the FSA in favour of a consumer protection agency, 19 per cent are aware of the plans and agree with them while 19 per cent are aware of the proposals and do not support them. Fifty-six per cent are not aware of the plans.

Paladin Financial Services managing director Tim Purdon says consumers are right to be sceptical about politicians’ ability to control bank bonuses.

He says: “I do not think the parties understand what activities the banks are undertaking. If you do not understand it, how can you control it?”

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