Billy Bragg 'to withhold tax in protest'

Billy Bragg has launched an online campaign against "excessive" bonuses paid out by the Royal Bank of Scotland (RBS).

The singer-songwriter stated on the NoBonus4RBS Facebook page that he would withhold his own taxes in protest if these payments are made, PA reports.

Bragg said: "I understand that the Treasury had little choice but to use taxpayers' money to safeguard savings and stabilise and restore confidence in the financial system.

"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 added: "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, I shall be withholding my tax payment on January 31."

A Treasury spokesman said: "We can reassure Mr Bragg and anyone else that there will not be big bonuses paid with taxpayers' money at RBS. Taxpayers' capital will be completely protected."