Cameron endorses bonus culture as “pro-aspirational”

Prime minister David Cameron today endorsed the bonus culture in banks whilst under pressure from the Opposition to tackle excessive pay.

Cameron refused to condemn bonus culture in the banking sector during prime minister's questions, saying bonuses are "pro-aspirational" and "pro-doing the right thing for your family".

Labour leader Ed Miliband asked if the government would support a move to force banks to publish all salaries worth more than £1m.

In response, Cameron highlighted the government's commitment to forcing each bank to publish the salaries of their top eight employees; a policy it consulted on in December.

However Miliband said the legislation for the first policy was "already on the books" and that chancellor George Osborn had supported it in the past.

Miliband accused Cameron of saying "no to transparency" in banking.

He claimed Cameron had promised to stop the bonus payment of just under £1m to Royal Bank of Scotland (RBS) chief executive Stephen Hester before he "nodded it through".

Hester decided to forgo his bonus after a public outcry, in a move sanctioned by the chancellor as "sensible".