Miliband accuses PM of 'failure of leadership'

Labour leader Ed Miliband has accused the Prime Minister of a "disgraceful failure of leadership" over the controversial bonus for the Royal Bank of Scotland boss Stephen Hester.

Speaking from the World Economic Forum in Davos, Miliband said that David Cameron must be forced to explain why he has allowed such a large bonus to be awarded after he promised action against excessive pay.

The £963,000 bonus in shares awarded to Hester has been strongly criticised by politicians and unions.

The bank is 82% owned by UK taxpayers and the company which runs it for the government said the bonus reflected Mr Hester's work towards rebuilding the bank.