Fred Mackintosh, prospective Liberal Democrat MP for Edinburgh South is backing a national campaign to sort out bank bonuses and promote a sustainable banking system.

The Liberal Democrat's five point plan aims to bring an end to excessive cash bonuses and prevent a crisis like the one which brought two of the pillars of Edinburgh and Scotland's economy to their knees from ever occurring again.

Fred Mackintosh said;

“The culture of risk without regard for the security of customers has caused an incredible amount of damage to Edinburgh’s economy.

“The Liberal Democrat's 5 point plan would ensure that the bank bonus system will never again encourage banks to behave recklessly, but instead promote a culture of sustainable business growth. I make no apologies for the fact that this will mean some changes in the City of London and in Edinburgh.

“Senior bankers must understand that after the billions pumped into the banking sector there can be no excuse for continuing to pay out bumper bonuses that encourage huge risk and endanger the country's finances. Bank directors should have the long term interests of their company at heart, not short term cash bonuses."

Notes:

1. Read all about the Liberal Democrat 5 point plan to tackle banker’s bonuses here

2. Fred Mackintosh is the Liberal Democrat candidate for Edinburgh South the ninth most marginal constituency in Britain with just 405 votes separating Labour and the Liberal Democrats. In October 2009 a major poll by Politics Home predicted that Edinburgh South would be a Lib Dem gain at the next General Election. http://www.edinburghsouthlibdems.org/pages/thefacts.html