Commenting on today's opposition debate, Co-Chair of the Liberal Democrat Parliamentary Party Committee on Business, Innovation and Skills, Lorely Burt said:

"The sheer hypocrisy of Labour to point the finger on bankers' bonuses is staggering. Labour presided over the biggest boom in bonuses this country has seen, from £3.1bn in 2001 to £11.5 billion in 2007. At the same time, they sat back and knighted the financial speculators who led this country to the brink of economic collapse.

"The Coalition Government inherited this economic mess from Labour and has taken decisive action to put the country back on track. We've capped cash bonuses at state owned banks to £2,000 and overall, the bonus pool is smaller than last year and considerably less than under Labour.

"In Government, Liberal Democrats are doing the right thing - implementing the Vickers' proposals to make banking safer in the future, continuing our fight to get the banks to lend more and introducing the banking levy which raises £2.5bn a year. All Labour can do is complain from the side lines.

"While Labour spent thirteen years being intensely relaxed about people getting filthy rich, Liberal Democrats have made clear that our priority is lifting the lowest paid people out of paying income tax all together."