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Former deputy prime minister John Prescott has launched a campaign against 'morally and economically outrageous' bonus payments to staff at Royal Bank of Scotland on social networking site Facebook.

The 'No Ifs No Buts' campaign, which has switched focus from its initial objective to get interest cuts passed onto borrowers, was launched after Chancellor Alistair Darling announced a review of bank practices.

In his Go4th website, Prescott claims that 1,100 people have registered their support for his campaign to prevent Royal Bank of Scotland paying out £1 billion in bonuses.

The bank, which recently reported the biggest loss in UK corporate history, has been propped up by £20 billion of public money.

Prescott said: 'The taxpayer owns 68 per cent of RBS so we are now ALL shareholders. So, as shareholders, we therefore call on the board of RBS to announce that their bankers and traders will receive NO bonus this year.'

Prescott claims that his campaign is 'apolitical', and urges supporters to show that 'as shareholders, we WILL be listened to.'

The campaign launched just days ahead of the appearance of both Sir Fred Goodwin and Sir Tom McKillop, formerly chief executive and chairman of RBS, before the Treasury Select Committee.

Prescott added: 'We don't want to hear that RBS has to pay out the bonuses because of 'contractual obligations'. If we hadn't bailed them out to save homeowners and businesses, their contracts would be worth nothing as they'd be out of work.'

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