The chief executive of the Royal Bank of Scotland, Stephen Hester, has decided not to take his £1m bonus.

Labour's business spokesman Chuka Umunna told the Today programme that the government should have intervened to stop Mr Hester's bonus.

"This was an example where the government has been going around saying to the British public - look, share holders need to take a more active role, in reigning in excess, taking an active role in the running of their companies," he said.

"And here is a prime example of where the government is a shareholder, and has failed to do so."

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