As JP Morgan kicks-off the New Year round of announcements on UK bank profits and massive bonus payouts (despite the Bankers' Windfall Tax), this week Compass reveal a growing swell of backbench support in favour of Early Day Motion 191 that calls for a High Pay Commission.

This Friday's announcement by JP Morgan which is expected to reveal bumper profits coupled with bonuses is likely to add to growing public anger towards the banking sector and set a trend over the coming days that will reveal the following:

· That the popular measure of a Bankers' Windfall Tax is likely to raise billions, not the modest £500M estimated by The Treasury in the Pre-Budget Report (PBR). This is good news for the government as it is successfully clawing-back some of the billions in tax-payer funded subsidies to the banking industry.

· That the short-term measure of a Bankers' Windfall Tax has done very little, if anything, to achieve the Chancellor's stated goal in the PBR of tackling the City culture of excessive pay and bonuses.

· Therefore makes a compelling case for the government to now commit to establishing a public High Pay Commission to achieve a long-term and lasting settlement around high pay and remuneration.

· A cross-party consensus involving Labour, Liberal Democrat, Plaid Cymru, SNP, SDLP and Independent MPs are demanding lasting government action around excessive pay.

Gavin Hayes, General Secretary of Compass said: "What the latest round of profit and bonus announcements will confirm is that it's business as usual in the City and whilst the government have been successful in clawing back tax-payer subsidy the one-off Bankers' Windfall Tax has failed in effectively tackling the bonus culture, it is therefore imperative the government now establish a High Pay Commission if we are to avoid another financial crisis".

John Battle MP who tabled the motion said: "Over 100 MPs have so far signed EDM 191 and I will be pressing for the government to look at setting up a commission to investigate high pay. Following the financial crash and the aftermath of the credit crunch and bailing out the banks this is an issue that we cannot afford to ignore any longer".

Notes to editors

- Full details of EDM 191 High Pay Commission can be found here 

FOR FURTHER COMMENT/INTERVIEWS CALL GAVIN HAYES ON 07900 195591 OR JOE COX ON 07796 884487