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PM says irresponsible bankers should be punished

The Prime Minister Gordon Brown has said that bankers and financiers who take irresponsible risks should be punished for their actions.

Speaking on GMTV this morning, the PM said he was angry at the behaviour of some bankers in the city.

Brown said the banks who signed up to the Government’s rescue plan would have to accept that there could be no more huge bonus pay-outs for top executives.

He also attacked the way that the operations of some of the banks had left them dangerously exposed following the collapse of the sub-prime mortgage market in the United States.

He said: “Most of this has come out of America and then affected the British banking system, but there have been abuses in our system as well and these have got to be dealt with too.

“Where these guys have taken irresponsible risks, that is completely unacceptable. The problem is they didn’t know what they were buying from America.”


IFADU questions the legality of B&B deal

The IFA Defence Union has questioned the legality of Government plans for the Financial Services Compensation Scheme to take on the £14bn loan to cover its Bradford & Bingley intervention.

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