Wirral Euro MP bashes bankers' bonuses (From Wirral Globe)

Wirral Euro MP bashes bankers' bonuses

9:16am Thursday 7th March 2013 in News By Leigh Marles

Measures to limit the size of bankers' bonuses are long overdue, according to a Wirral Euro MP.

New EU financial rules are to limit the bonuses that can be paid to bankers to 100% of their salary.

MEPs and most European governments want to avoid the risk of more banking failures caused by short term thinking and greed.

Liberal Democrat Chris Davies said the measures will not be tough enough for most people.

He said: "A banker being paid £5m a year could still get another £5m on top of that just for doing his job.

"It's one thing to celebrate success, but quite another to support arrangements that brought Europe's economy to its knees."

Mr Davies criticised Chancellor George Osborne for trying to prevent any limits being introduced.

He said: "I'm delighted that it was a Liberal Democrat MEP who led the way in bringing in this measure, and equally delighted that our Conservative representatives were outvoted 26-1 by ministers from other countries.

"Bankers have behaved insanely, and yet walked off with their pockets full of money."

Conservatives have opposed the EU's bonus clampdown.

In the Commons yesterday, Labour leader Ed Miliband accused the Prime Minister of being "totally out of touch" for attempting to protect bonuses while disabled people with spare rooms were being hit by the Government's "bedroom tax".

During a combative Prime Minister's Questions session, Mr Miliband seized on reports of division within the Government, highlighting unrest on David Cameron's backbenches and rumours of a leadership campaign by Home Secretary Theresa May.

Mr Cameron hit back with an attack on Labour's economic record, calling Mr Miliband the "croupier in the casino when it all went bust". He said the Labour leader had no plans to deal with the deficit and had opposed £83 billion in savings on the welfare budget.

George Osborne was dispatched to Brussels on Tuesday to oppose European attempts to cap bank bonuses.

The Chancellor said he could not support "the proposal currently on the table" but he was firmly told the "broad majority" of the 26 other European Union nations were in favour of the new laws.