Miliband plans tax on bank bonuses

Labour Leader Ed Miliband during a visit to Griffon Hoverwork in Southampton

Published: 8:23am, 10th February 2012
Updated: 8:52pm, 11th February 2012

Getting young people into work using a tax on bankers' bonuses is a major priority for Labour, leader Ed Miliband has said at the launch of the party's local election campaign.

Ahead of the party's regional conference in Southampton, Mr Miliband visited the city's Griffon Hoverwork plant, which he said was an example to British industry

He was shown around the factory, which is currently involved in fulfilling an order for 12 22-metre craft for the Indian coastguard plus two more for the Korean coastguard and the Venezuelan agricultural ministry.

Mr Miliband said having one million young people out of work was bad for the country's economy.

During a question-and-answer session with staff, he said: "We want to see a tax for bankers' bonuses and we say use that money to get young people back to work. They are not going to like it but it's the right way to use that money."

He said a future Labour government would offer more support for young people who choose not to go to university and called on companies to introduce more apprenticeships.

Mr Miliband also called on the Government to abandon controversial NHS reforms in order to protect the jobs of doctors and nurses.

He said: "I say better not to go ahead with that big wasteful re-organisation and use that money to protect frontline services."

Adrian Went, managing director of Griffon, which employs about 160 staff, said: "We are very proud of what we do here. I feel we are helping to restore the maritime industry in Southampton - this is a classic British product and a classic Solent product."

He added: "We got across to Mr Miliband that we are working with local colleges to develop our apprentice schemes. It is quite testing to get candidates for apprenticeships that are of the right academic standard as there is such a high proportion of school leavers that are swept away into university."