Chuka Harrison Umunna MP - UK Shadow Secretary of State for Business, Innovation and Skills
Britain's economy and society is being negatively affected by the ongoing "culture of excessive bonuses" in the country's banking system.
That is according to the Labour Party, which is today (7 February) using an opposition day debate in the House of Commons in order to ask the government to step in and implement changes in this system sooner rather than later.
Last week, leader of the opposition Ed Miliband warned banks they face a future of isolation and increased levels of public anger towards them unless they change their policies on bonuses in the near future.
And Labour is now ready to step up its campaign against such remuneration by stating that large bonuses should only be paid by banks that had to be bailed out by the taxpayer to recognise "genuinely exceptional performance".
Chuka Umunna, shadow business secretary, will tell MPs that unwarranted awards have both damaged the economy and society, while also undermining business confidence.
By Gary Cooper
