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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singer Billy Bragg to stop paying taxes over bank bonuses Reuters - Tuesday, January 19 Send IM Story Print LONDON . The 52-year-old singer, well known for his left-wing views and political activism, aims to tap public anger over "fat cat" bonuses at U.S. and British banks rescued with taxpayers' money during the financial crisis. The huge bailouts have left the British government holding 84 percent of Royal Bank of Scotland Group Plc and 43 percent of Lloyds Banking Group. "I understand that the Treasury had little choice but to use taxpayers' money to safeguard savings and stabilize and restore confidence in the financial system," Bragg wrote on his page on the Facebook social networking site. "What I don't understand is why, now that we taxpayers are the majority shareholders of these banks, we seem totally powerless to curb their excessive bonus culture?" He quoted reports estimating RBS will pay its investment bankers around 1.5 billion pounds in bonuses next month. At the same time, he added, Britain's main political parties are warning voters that national debt will mean tough cuts in public spending after the next general election. "I believe that the government have their priorities wrong. "I have written to the Chancellor of the Exchequer , Alistair Darling, to inform him that I am no longer prepared to fund the excessive bonuses of RBS investment bankers. Unless he acts to limit them to 25,000 pounds, I shall be withholding my tax payment on 31st January." In his Facebook campaign titled "NoBonus4RBS" he invited other British tax payers to do the same to exert pressure on the government to curb bonuses. RBS has been forced to agree to slash payouts and hand the state a veto on its 2009 bonus pool, but the government has also said that going too far to restrict pay could dent the bank's ability to compete. When asked about Bragg's initiative, a Treasury spokesman said: "We can reassure people there will not be a significant amount of taxpayers' cash going to bonuses at RBS." Recommend Send IM Story Print Related Articles Euronews plans Persian, Turkish broadcasts AFP - 2 hours 15 minutes ago Cancer-stricken actor Dennis Hopper divorcing wife Reuters - 2 hours 16 minutes ago Singer Billy Bragg to stop paying taxes over bank bonuses Reuters - Tuesday, January 19 Golden Globe parties full of celebs, booze, rain AP - Tuesday, January 19 Country music hitmaker Carl Smith dies at 82 AP - Tuesday, January 19 News Search Top Stories Surrounded by thieves, father digs for precious US visa Luxembourg's Juncker returned as Eurogroup head Wall Street sell-off hits Asian shares Toyota to double global hybrid output: report Why coastal oil spills can pollute for decades: study More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Obama surprises Michelle with birthday dinner Saab drivers hit the road to support car brand Pope to visit Rome synagogue amid Jewish anger Why coastal oil spills can pollute for decades: study Obama's 1st yr marked by diplomacy, but few results More Most Viewed » Beat the blues by going to bed early: study Huge tomb found at Egypt's Saqqara pyramid Woman who saved Anne Frank's diary dead at 100 Scientists praise Obama as Doomsday clock reset More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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