News that the directors of the Royal Bank of Scotland have threatened to resign if they are not allowed to pay million pound bonuses to their investment banking staff has shocked Pendle MP, Gordon Prentice.

The MP has tabled a Commons motion urging the Government to accept "without hesitation" the resignations of the directors when they are offered.

Speaking from Westminster, the MP said: "I don't know whether to laugh or to cry. Which planet do these bankers live on? When their resignations are accepted they can find another job in banking elsewhere. Perhaps in Dubai."

The City Minister, Lord Myners, today disclosed that at least 5,000 bankers will be paid more than £1 million this year.

The cost to the Government of bailing out the banks amounted to £74 billion - or £4,350 for every family in the UK.

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