Michael Meacher MP

It’s always good to know that Nick Clegg is on side so that one can be sure of the smack of firm government and that things are going to be done as promised.   So it’s splendid news to learn that today Clegg is assuring us that there will be no let-up in clamping down on bonuses.   Except that we hadn’t noticed that there was any clamp-down on bonuses going on from which there would be no let-up.   However we’re still relieved to know that Clegg will be ‘taking a tough stance’ if the government-owned banks RBS and Lloyds pay out generous bonuses in the bonus season about to begin.   In his words, “let no-one be in no doubt about our determination to use our clout as the major shareholder in these banks to block any irresponsible payments or any rewards for failure”.   Gosh, the bank bosses must be quaking in their galoshes at the storm about to break.   What puddle, one wonders, did the deputy PM have in mind to threaten them with? (more…)