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Prescott gets blogging and twittering against RBS bonuses

The Labour Party is using a range of web services to shame the Royal Bank of Scotland into cancelling £1bn of potential bonuses for bankers and traders.

The...

The Labour Party is using a range of web services to shame the Royal Bank of Scotland into cancelling £1bn of potential...

bonuses for bankers and traders.

The RBS has received £20bn in public funds and former deputy prime minister John Prescott is publicising a Labour-organised online petition to get the bonuses stopped.

"This from a bank that last year posted losses of £28bn," reads the petition, powered by online petition provider iPetitions.

"We believe this is morally and economically outrageous, and the bonuses should be stopped. The taxpayer owns 68% of RBS so we are now all shareholders."

Prescott is using his Prescott Express blog - part of the Campaign for a Labour Fourth Term - and a new Twitter account to back the opposition to the bonuses.

Sceptics could ask why senior Labour figures are using lobbying tactics when the party is in the driving seat to do something about the bonuses, considering the government owns the lion's share of the bank.

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