Monday Memo to Dave

As you know, Osborne and Cable are meeting heads of the banks this afternoon to discuss, amongst other things, bank bonuses. Vince has promised a ‘robust’ response by the coalition. I sincerely hope that it is and that he has your support.

The size of bank bonuses has amplified the size of the gap between rich and poor. You have argued that you want to see a fairer Britain. Today you have the opportunity to prove that you mean what you say.

To indulge these disproportionate rewards would be to sign up to a degenerate culture. You have to demonstrate your intention not to be a signatory.

I hope that you may also have realised that the bank bonus issue is about more than paying people ludicrous amounts of money. It’s about proportionate rewards and discriminating between the efforts of those who create real wealth through entrepreneurship, invention and innovation and those who capture the wealth of others and redistribute it amongst themselves.

We have to change our attitude to ensure that we reward those whose efforts produce real value and those who do not. You have an opportunity to start that process today.

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