ALISTAIR Darling was today calling for bankers' bonuses to be curbed as Labour took the fight to the Conservatives.
The chancellor was due to tell delegates at the party's conference in Brighton that he intended to bring forward laws 'in the next few weeks' to link top financiers' pay to their performance.
The move came after a day of controversy, with Gordon Brown forced to publicly deny he took prescription drugs after being quizzed about his health.
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Senior cabinet ministers rallied around the prime minister, with Energy Secretary Ed Miliband praising him as a man who had prevented a 1930s-style Great Depression.
Mr Darling's speech was expected to set the tone for the rest of the conference, with Labour trying to paint the Conservatives as irresponsible, ideologically-driven, and unreformed.
The chancellor was due to say: "Within months, the country faces a big choice.
"A choice not just about who's in government but about values that will shape our country and the opportunities for our people. A choice that will affect every area of our lives, every aspect of our future.
Legislation
"Let me assure the country - and warn the banks - that there will be no return to the business as usual for them. So in the next few weeks we will introduce legislation to end the reckless culture that puts short-term profits over long-term success.
"It will mean an end to automatic bank bonuses year after year. It will mean an end to immediate pay-outs for top management. Any bonuses will be deferred over time so they can be clawed back if they are warranted by long term performance.
"We won't allow greed and recklessness to ever again endanger the whole global economy and the lives of millions of people."
Mr Darling was expected to lay out the differences between Labour's 'years of investment' with the Tories 'cuts-driven ideology' that would see them 'swing the axe at the public services that millions rely on'.
That line of attack was set to continue tomorrow, with John Denham the local government secretary focusing on the record of Conservative-run councils.
The move is part of a major Labour strategy to try to undermine David Cameron.
Their polling shows that, while the Conservative leader is popular, people still have reservations about a possible Tory 'hidden agenda'.
The strategy has drawn criticism from some Labour conference delegates, who have been pushing for a more 'positive' campaign based on fresh policy ideas.
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Darling set sights on bank bonuses
September 28, 2009
Chancellor Alistair Darling is promising to bring forward legislation to curb banker's bonuses.
Showing comments 1 to 7 and replies | View All
A Singleton, Gorton (28/09/2009 at 11:52)
Audenshaw Bob (28/09/2009 at 12:27)
I could write all day on this but we have a PM who took us into recession but said that we were 'better placed than any other country to waether it' and he went on to lecture other countries about how to get out of it. We were the last to see any glimmer of hope.
Anyway, here are some things that he said to the city just months before the banking collapse:
''the City has enjoyed one of its most successful years ever, for which I congratulate all of you here on your leadership skills and entrepreneurship.''
''The message London's success sends out to the whole British economy is that we will succeed if like London we think globally. Move forward if we are not closed but open to competition and to new ideas. Progress if we invest in and nurture the skills of the future, advance with light touch regulation'' LIGHT TOUCH REGULATION!! HA HA.
''we will not forget that the first and foremost duty of government - as the governor has reminded us - is to maintain and indeed to strengthen the monetary and fiscal stability'' that has enabled us, successively, to grow and remain free of recession over the last
''What I said when I made the Bank of England independent remains even more true today, I said that our new monetary and fiscal regime was founded on stability first, foremost and always, stability yesterday, today and tomorrow'' HA HA, our banking system was on the verge of collapse!
It really is ahoot to read. Everybody in the City knew what was going on apart from Brown and he was eaping praise on them, on himself, saying light regulation was key etc.
Different story now.
Trouble is these bakers can tie the government in knots. A governemt of ex school teachers, postmen and trade union stewards trying to take on the brains of the City. Only one winner every time.
Of Denton, Tameside (28/09/2009 at 13:14)
Is It Me? (28/09/2009 at 13:18)
Rt Hon Dr Rev MC Spanner MP QC FCA FRICS JP OK (28/09/2009 at 13:45)
Every Labour governement leaves the Country in financial ruin.
beswick red (28/09/2009 at 14:04)
tiggerluc, somewhere in shaw (28/09/2009 at 14:07)
Hmm....how things change when the winds of change are howling around the corridors of power.