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Use banker bonuses to reward social responsibility, says film director vicar

An filmmaker vicar is calling on the Government to force banks to reward bonuses to workers who act for the 'common good'. Fr. William Taylor from St. Thomas' Church in Hackney is famed for exposing tax injustice in his award-winning documentary 'The UK Gold'. His comments came after Labour tabled a parliamentary motion calling on the UK government, as the majority shareholder in RBS, to reject any request from the bank for permission to pay bonuses of up to double an employee's annual salary.

As a result, cash bonuses at Royal Bank of Scotland are now to be limited to £2,000 next year, the Prime Minister told the Commons today.

David Cameron said the existing £2,000 cap would continue to apply and he also promised to veto proposals to increase the overall pay bill, but made no assurances about payments in shares though.

He said:

"I can confirm today that just as we have had limits on cash bonuses of £2,000 at RBS this year and last year, we will do the same next year as well.

"If there are any proposals to increase the overall pay, that is pay and bonus bill at RBS, at the investment bank, any proposals for that, we will veto it."

However, Fr Taylor told Premier's Marcus Jones on the News Hour that banks keep rewarding the wrong sort of people:

Meanwhile, the Chancellor has warned that Britain would protect the UK's financial services from binding legislation passed by the countries in the Eurozone.

He also blamed EU rules on bankers' bonuses for driving a sharp increase in bankers' salaries. George Osborne also says Europe is facing an economic crisis unless there's sweeping reform of the EU. He's calling for big cuts in welfare spending and more help for business, to counter growing competition from economies in Asia.

Addressing a conference on EU reform organised by Open Europe and the Fresh Start Project, Mr Osborne said:

"The biggest economic risk facing Europe doesn't come from those who want reform and renegotiation - it comes from a failure to reform and renegotiate.

"It is the status quo which condemns the people of Europe to an ongoing economic crisis and continuing decline. And so there is a simple choice for Europe: reform or decline.

"Our determination is clear: to deliver the reform, and then let the people decide."

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