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Singer Bragg 'threatens' to stop paying taxes over bank bonuses
inspector_monkfish
Posts: 9,276 Forumite
14:56 18Jan10 Singer Bragg to stop paying taxes over bank bonuses
LONDON, Jan 18 - British singer Billy Bragg has threatened to stop paying taxes, and called on others to follow suit, unless the government acts to limit bonuses paid by the Royal Bank of Scotland (RBS).
The 52-year-old singer, well known for his left-wing views and political activism, aims to tap public anger over "fat cat" bonuses at U.S. and British banks rescued with taxpayers' money during the financial crisis.
The huge bailouts have left the British government holding 84 percent of Royal Bank of Scotland Group Plc and 43 percent of Lloyds Banking Group.
"I understand that the Treasury had little choice but to use taxpayers' money to safeguard savings and stabilise and restore confidence in the financial system," Bragg wrote on his page on the Facebook social networking site.
"What I don't understand is why, now that we taxpayers are the majority shareholders of these banks, we seem totally powerless to curb their excessive bonus culture?"
He quoted reports estimating RBS will pay its investment bankers around 1.5 billion pounds ($2.5 billion) in bonuses next month.
At the same time, he added, Britain's main political parties are warning voters that national debt will mean tough cuts in public spending after the next general election.
"I believe that the government have their priorities wrong.
"I have written to the Chancellor of the Exchequer (finance minister),
Alistair Darling, to inform him that I am no longer prepared to fund the excessive bonuses of RBS investment bankers. Unless he acts to limit them to 25,000 pounds, I shall be withholding my tax payment on 31st January."
In his Facebook campaign titled "NoBonus4RBS" he invited other British tax payers to do the same to exert pressure on the government to curb bonuses.
RBS has been forced to agree to slash payouts and hand the state a veto on its 2009 bonus pool, but the government has also said that going too far to restrict pay could dent the bank's ability to compete.
When asked about Bragg's initiative, a Treasury spokesman said: "We can reassure people there will not be a significant amount of taxpayers' cash going to bonuses at RBS."
LONDON, Jan 18 - British singer Billy Bragg has threatened to stop paying taxes, and called on others to follow suit, unless the government acts to limit bonuses paid by the Royal Bank of Scotland (RBS).
The 52-year-old singer, well known for his left-wing views and political activism, aims to tap public anger over "fat cat" bonuses at U.S. and British banks rescued with taxpayers' money during the financial crisis.
The huge bailouts have left the British government holding 84 percent of Royal Bank of Scotland Group Plc and 43 percent of Lloyds Banking Group.
"I understand that the Treasury had little choice but to use taxpayers' money to safeguard savings and stabilise and restore confidence in the financial system," Bragg wrote on his page on the Facebook social networking site.
"What I don't understand is why, now that we taxpayers are the majority shareholders of these banks, we seem totally powerless to curb their excessive bonus culture?"
He quoted reports estimating RBS will pay its investment bankers around 1.5 billion pounds ($2.5 billion) in bonuses next month.
At the same time, he added, Britain's main political parties are warning voters that national debt will mean tough cuts in public spending after the next general election.
"I believe that the government have their priorities wrong.
"I have written to the Chancellor of the Exchequer (finance minister),
Alistair Darling, to inform him that I am no longer prepared to fund the excessive bonuses of RBS investment bankers. Unless he acts to limit them to 25,000 pounds, I shall be withholding my tax payment on 31st January."
In his Facebook campaign titled "NoBonus4RBS" he invited other British tax payers to do the same to exert pressure on the government to curb bonuses.
RBS has been forced to agree to slash payouts and hand the state a veto on its 2009 bonus pool, but the government has also said that going too far to restrict pay could dent the bank's ability to compete.
When asked about Bragg's initiative, a Treasury spokesman said: "We can reassure people there will not be a significant amount of taxpayers' cash going to bonuses at RBS."
Please take the time to have a look around my Daughter's website www.daisypalmertrust.co.uk
(MSE Andrea says ok!)
(MSE Andrea says ok!)
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Comments
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inspector_monkfish wrote: »14:56 18Jan10 Singer Bragg to stop paying taxes over bank bonuses
LONDON, Jan 18 - British singer Billy Bragg has threatened to stop paying taxes, and called on others to follow suit, unless the government acts to limit bonuses paid by the Royal Bank of Scotland (RBS).
The 52-year-old singer, well known for his left-wing views and political activism, aims to tap public anger over "fat cat" bonuses at U.S. and British banks rescued with taxpayers' money during the financial crisis.
The huge bailouts have left the British government holding 84 percent of Royal Bank of Scotland Group Plc and 43 percent of Lloyds Banking Group.
"I understand that the Treasury had little choice but to use taxpayers' money to safeguard savings and stabilise and restore confidence in the financial system," Bragg wrote on his page on the Facebook social networking site.
"What I don't understand is why, now that we taxpayers are the majority shareholders of these banks, we seem totally powerless to curb their excessive bonus culture?"
He quoted reports estimating RBS will pay its investment bankers around 1.5 billion pounds ($2.5 billion) in bonuses next month.
At the same time, he added, Britain's main political parties are warning voters that national debt will mean tough cuts in public spending after the next general election.
"I believe that the government have their priorities wrong.
"I have written to the Chancellor of the Exchequer (finance minister),
Alistair Darling, to inform him that I am no longer prepared to fund the excessive bonuses of RBS investment bankers. Unless he acts to limit them to 25,000 pounds, I shall be withholding my tax payment on 31st January."
In his Facebook campaign titled "NoBonus4RBS" he invited other British tax payers to do the same to exert pressure on the government to curb bonuses.
RBS has been forced to agree to slash payouts and hand the state a veto on its 2009 bonus pool, but the government has also said that going too far to restrict pay could dent the bank's ability to compete.
When asked about Bragg's initiative, a Treasury spokesman said: "We can reassure people there will not be a significant amount of taxpayers' cash going to bonuses at RBS."
Still "waiting for the great leap forwards" is our Billy.
In the end the pragmatic response is, do you wants RBS to 'earn' £6bn profits and pay £1.5bn in bonuses, or would you rather they closed the investment bank side and made £2bn profits and pay no bonuses. Anything else smacks of cutting nose to spite face.
Still, one or our greatest songwriters ever.US housing: it's not a bubble
Moneyweek, December 20050 -
Billy Bragg = 1980's socialist throwback. Most people will not even know who is was/is!0
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peterg1965 wrote: »Billy Bragg = 1980's socialist throwback. Most people will not even know who is was/is!
Indeed, but he showed astonishing prescience when he wrote this in 1991 on his album 'Don't Try This At Home'. From the track 'North Sea Bubble'.
We're living in a North Sea Bubble
We're trying to spend our way out of trouble
You keep buying these things but you don't need them
But as long as you're comfortable it feels like freedom
My American friends don't know what to do
But they'll wait a long time for a Beverley Hills coup
War! What is it good for
It's good for business0 -
Celebrities should keep out of politics. Why is it that theyre all lefties anyway (or pretend to be, like U2's 'more taxpayers money should go to africa but as for me i'm shifting my company off to a tax haven so that i don't have to contribute' Bono)?0
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In other news, Joe the toilet cleaner has also threatened to stop paying taxes over RBS bonuses.
"I'm sick of this sh*t", Joe said, "The only bonus I get is when the city boys in my office have a big company lunch, and even then it's not a pleasant one. Frankly I'm tired of them and the government flushing it all away and leaving me to clean up the mess."
Joe has also started a facebook group to try and get noticed.0 -
Wonder if Mr Bragg has a record/book coming out soon? No such thing as bad publicity.0
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I'm gonna start downloading illegally in protest at the amount of money record company execs/bands/pop stars make...It's getting harder & harder to keep the government in the manner to which they have become accustomed.0
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lemonjelly wrote: »I'm gonna start downloading illegally in protest at the amount of money record company execs/bands/pop stars make...
You mean you've just started?inspector_monkfish wrote: »LONDON, Jan 18 - British singer Billy Bragg has threatened to stop paying taxes, and called on others to follow suit, unless the government acts to limit bonuses paid by the Royal Bank of Scotland (RBS).
."
Smart move. Of course, the UK government would never just declare him bankrupt, and take his house and recording income, would it?“The ideas of debtor and creditor as to what constitutes a good time never coincide.”
― P.G. Wodehouse, Love Among the Chickens0 -
Twenty-year-old who's not really sure what he did. Heard of him, but I doubt I could name any of his songs.
Anyway, I hope that not too many less well off people follow his lead; he can afford the fines when HMRC catch up with him, probably peanuts to him, a lot of people can't.“I could see that, if not actually disgruntled, he was far from being gruntled.” - P.G. Wodehouse0 -
Twenty-year-old who's not really sure what he did. Heard of him, but I doubt I could name any of his songs.
Anyway, I hope that not too many less well off people follow his lead; he can afford the fines when HMRC catch up with him, probably peanuts to him, a lot of people can't.
http://www.youtube.com/watch?v=xjUA3RU4B8E
http://www.youtube.com/watch?v=mgwU4zCEJtY'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0
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