Tuesday, 11 January 2011

Is this the biggest betrayal of all? From a £2000 cap on bonuses to a 'tax cut' and hands-off approach for the banks

So, to add to the quite staggering list of false or broken promises made by Cameron pre-election, we can now include reform (or, more specifically the lack of reform) of remuneration in the banking sector.

Today's confirmation that the government seeks to do little or nothing about banker's bonuses - and even granting them a net tax cut, in many people's view - may well do great damage to the Conservatives. In opposition, the Tories had the strongest words to say about the banking system, and pronouncements of such strength were bound to have swayed the votes of a number of people in that it helped changed the view of their party.

Many people like to compare David Cameron with Tony Blair. But the comparison is a misguided one. The latter genuinely changed his party's policies - for better or worse - whilst Cameron (as his post-election programme on everything from the NHS to schools and social services have demonstrated) merely adapted his language and 'brand'. Consequently he convinced many thousands to change their votes.

It is nothing short of a betrayal of the voting public - on par with dropping of the Liberal Democrats' pledge on tutition fees - and a sad day for anyone interested in maintaining public interest in politics.

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