Conservative Party Links to Fat Cat Bankers
A. The results of the Conservative Party's links to the banks
- Conservative Chancellor George Osborne imposed a levy of just £2.5 billion;
- The Tories introduced laws that give a full tax exemption for British companies’ tax haven branches and let them get away with an 8% tax rate for profits diverted to havens through internal financing;
- Mr Osborne has slashed corporation tax rates from 28% to 24% meaning the impact on the finance houses will be minimal;
- The Government has said the banks will not have to pay the tax on the first £20 billion of liabilities;
- Mr Osborne has failed to take forward the recommendation of Sir David Walker that banks should be forced to disclose all pay packages above £1 million;
- There has been no action to curb the bonus culture which is expected to see £7 billion lavished on fat cats this year;
- The big four banks between them paid some 200 staff an average of £1million last year;
B. The reasons for the Conservative Party's links to the banks
- More than a quarter of all Conservative MPs and peers have held jobs in banking or the financial sector;
- Of the 498 Tory MPs and peers, 134 are or have been employed in the financial sector;
- 70 of the Conservative Party’s 305 MPs are or have ben employed in the financial sector.
- Among the 193 Conservative peers, more than a third work or have worked in finance or banking;
- Altogether there are more Tory MPs who have been on the banks’ payroll than the total number of Lib Dem politicians;
- Among the Cabinet members with links to the City are:
Pay-master General Francis Maude, who has worked for Solomon Bros and Morgan Stanley;
Leader of the House of Lords, Lord Strathclyde who was chair of Trafalgar Capital Management from 2001-10;
Cabinet Office minister Oliver Letwin, who worked for NM Rothschild & Son from 1986-2009;
International Development Secretary Andrew Mitchell, who worked for Lazard Bros from 1979-2009;
and Commons Leader Sir George Young, who worked for the Samuel Hill merchant bank.
- Eleven Tory MPs and peers have worked for Barclays including:
Richard Bacon MP,
Jesse Norman MP,
former Chancellor Lord Lawson,
and Andrea Leadsom MP.
- A further eight Conservatives have been at Rothschild, including:
John Redwood MP,
Mark Garnier MP,
former Chancellor Lord Lamont
and Jacob Rees-Mogg MP.
- Four Conservatives worked for Lehman Bros, the company whose collapse sparked the financial crisis. They include:
Steve Baker MP, Chief Architect, Global Financing and Asset Servicing Platforms at the company from 2006-2008;
Brooks Newmark MP
and Lord Freeman.
- Others with links to the financial sector include:
Billionaire Lord Ashcroft,
Welfare minister Lord Freud,
Harriet Baldwin MP
and Kwasi Kwarteng MP.
- The real coalition governing Britain is between the banks and the Tory Party. The Lib-Dems are Tories by another name.
Originally posted on Friday 4th November 2011