There should be no rewards for failure

At the first Prime Minister’s Questions after recess, David Cameron stressed that bank executives who have taken risks and failed should not receive bumper bonuses.

With £50 billion of taxpayers’ money being used to bail out the banks, David said there should be “no rewards for failure” for senior executives:

“Taxpayers will rightly be infuriated if they see their hard-earned money going on bonuses that are rewards for failure.”

David called on Gordon Brown to give the Bank of England the power to monitor the level of debt in the economy to ensure a crisis like this never happens again.

And he stressed that with banks playing such an important role in our lives, the message must go out “loud and clear” that the banking system cannot be allowed to fail.