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Folk singer is also urging taxpayers' to join the campaign

Billy Bragg has threatened to withhold tax payments – unless the Government stops banks using taxpayers’ money to pay their employees big bonuses.

In particular, the folk singer and political activist is against the Royal Bank Of Scotland (RBS), who are set to pay investment bankers £1.5 billion in bonuses, despite agreeing to slash payouts during the recession.

“I believe that the government have their priorities wrong,” Bragg wrote on his Facebook group NoBonus4RBS. “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.”

Inviting fellow taxpayers’ to write to the Chancellor in support of the cause, the singer is hoping to get the kind of support that saw Rage Against The Machine land the Christmas number one spot after a successful Facebook campaign.

On such support, Bragg commented: “If nothing else, we may discover if people in this country care more about banker’s bonuses than they do about who will be the Xmas No1.”