AN SNP MP was applauded on Question Time as he labelled the removing of the cap on bankers' bonuses “absurd”.
It comes after the UK Government revived the policy from the short-lived Liz Truss administration.
The Financial Conduct Authority said that the new rules will come into effect on October 31.
Speaking on Question Time on Thursday evening, SNP MP for Stirling Alyn Smith said: “I get emails from pensioners who can see the Braes of Doune wind farm just outside Stirling and they’re wondering why one earth in the name of the wee man are our energy costs going up as much as they are when Scotland produces as much energy as it does.
“The idea that bankers need to have more freedom to make bigger bonuses for themselves is entirely wrong” The SNP’s Alyn Smith says removing the cap on bankers bonuses during a cost-of-living crisis is “absurd”#bbcqt https://t.co/6DsBTzQ5jC pic.twitter.com/n03oN4zInQ
— BBC Question Time (@bbcquestiontime) October 26, 2023
“People are struggling with their mortgages, they’re struggling with their rent, they’re struggling with precarious employment, they’re struggling with all sorts of economic consequences of Covid and Brexit and the UK Government wants to implement not only the current government’s policies but Liz Truss’s government’s policies in capping bankers' bonuses. It’s absurd.”
Smith’s comments were met with a round of applause from the audience before he then continued to discuss the recent SNP announcement that council tax will be frozen.
“Where the Scottish Government has had power, we’ve promised a freeze on council tax for the next year,” he said.
“Now that’s going to be tough but we’re going to work with local government to make that happen because that’s going to help keep money in people’s pockets at a time that’s really tough.
“The winter is going to be really tough for a lot of people which is why we need to see renewed action on energy costs because the UK has delivered a broken energy market to all of us, not least in Scotland.
“We need to see action in the King’s Speech that’s actually going to help working people through this cost of living crisis.
“And the idea that bankers need to have more freedom to make bigger bonuses for themselves is entirely wrong.”
