Opposition Day — The Economy, Bankers Bonuses and Job Creation — 23 Jan 2012 at 21:49

The majority of MPs voted against urgent action to kickstart the economy to promote jobs and growth, against a tax on bankers' bonuses and against the government funding 100,000 jobs for young people.

The text of the rejected motion was:

• That this House
• notes with concern that unemployment has risen to its highest level for 17 years, youth unemployment has now reached a record level of 1.04 million and the number of young people claiming jobseeker’s allowance for over six months has more than doubled since January 2011;
• believes that cutting spending and raising taxes too far and too fast has choked off the recovery and pushed up unemployment and that it was a mistake for the Government to abolish the Future Jobs Fund;
• recognises that rising unemployment and the Government’s failing welfare to work programmes are leading to a higher benefits bill, which is contributing to the £158 billion of additional borrowing announced in the Autumn Statement;
• further notes reports that multi-million pound bank bonuses are set to be paid out this year, even in banks where the share price has almost halved; and in view of the most recent figures on unemployment,
• calls on the Government to take urgent action to kickstart the economy to promote jobs and growth and to reconsider its refusal to introduce a tax on bankers’ bonuses this year, in addition to the permanent bank levy, to fund 100,000 jobs for young people.

Debate in Parliament | Source |