MM as several posters have pointed out, this is a global recession that began with the collapse of the USA banking system under the auspices of the global socialist dictator, Gordon Brown.......no, wait a minute, sorry, that would be George W Bush, ultra right wing Republican.
You see, the Republicans - like your friends, the Tories - are the party of free enterprise, de-regulation, small government. That means they let the USA bankers engage, unchecked, in irresponsible fiscal activities like sub-prime lending, ie, lending to the poor, vulnerable and often ignorant to buy their shitty houses at rates they could never hope to repay. Great bundles of such loan agreements were sold on and sold on again by the US bankers into the global banking community, which is basically how a US problem became a global problem.
As for bankers' bonuses, if you have an employment contract that entitles you to certain benefits in exchange for a certain level of performance, then for the government to tell your employer to ignore your contract would, most probably, leave the government and the taxpayer vulnerable to legal claims for tortious interference with contract.
Perhaps, yes,with the benefit of hindsight, the Labour government should have put legislation in place years ago to prevent UK bankers engaging in risky business with foreign securities and to make it illegal for employment contracts to allow big bonuses under certain circumstances. I can imagine the cacophony that would have created on the opposition benches and the accusations that Labour were engaging in communism (by the way, the accusation right wing republicans aim at Obama when he tries to introduce pinko commie ideas like universal health care). Now, going back to the premise that the Tory Party is the party of small government and free enterprise, do you really think, had the Tories been in power, they would have had more of a reign over the activities of the UK bankers than the Labour Party?