A Royal Let Down

If I was a Republican I would be in a fine mood this morning. Once again a member of the monarchy has decided to plough their way into the field of politics. This morning, Prince Andrew, The Duke of York, defended bankers’ bonuses, saying that in the scheme of things they are “minute”.

This statement comes after an announcement this week that bank bonuses would reach £6bn this year, up around 50% from last year. This figure is still a great deal lower than the £10bn paid in 2007 but this isn’t any comfort to regular members of public; some of whom are struggling to make ends meet having lost their jobs in past months.

It is statements like this that show just how out of touch our royals are with the public today. There is an element of truth in what Andrew says, in the grand scheme of the financial crisis a few billion here and there doesn’t seem a great deal to those with the economic know-how. In the colosseum of public opinion however, we are left wondering how those who played such a great part getting us into this mess are again being rewarded so highly. The most galling factor for most is that it is the taxpayer who is left with the bill; after all, it was our money that was used to bail these banks out in their time of need.

The duke, whist speaking to the Telegraph, said “Bonuses, in the scheme of things, are minute. They are easy to target.”

I, however, feel that they should be targeted. We understand that bonuses ensure banks are getting the best staff possible, but there must be an element of regulation. Bonuses in the past were granted to those who were taking massive risks with a great deal of money that banks didn’t actually have; the consequences of which were catastrophic. We must not see a return to this era of irresponsibility.

On the topic of responsibility, what of Prince Andrew’s comments? It isn’t the first time he has stepped into the political arena, is this a responsible move for a senior royal?

In general I am for it, the royals are still symbols of continuity for the state, they should be allowed to make their opinion known if they choose to do so. My warning to them, however, is to examine the tone in which they do so. Prince Andrew, I believe, was simply too flippant in his commentary. The question of whether the monarchy still has a role in life today is one that raises itself habitually. The public usually say yes. Will this continue to be the case if differences of opinion are as extreme as those announced today?