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Lib Dems in Brussels crack down on banker bonuses despite opposition from UKIP and Tory abstention

April 22, 2013 2:53 PM
Originally published by East Midlands Liberal Democrats
Bill Newton Dunn MEP - Cutting Bankers Bonuses

Bill Newton Dunn MEP cutting Banker's bonuses

Sharon Bowles and Lib Dem MEPs hailed the vote on Tuesday which introduced a historic cap on bankers bonuses, limiting them to a maximum ratio of 2:1 of their salary. The landmark legislation was approved despite opposition from UKIP who have defended their position by ludicrously claiming it will 'hurt ordinary workers'. The BNP and two Tory MEPs (Hannan and Kamall) also voted against while the rest of the Conservative delegation abstained.

Sharon Bowles commented: "As well as the moral justifications, there are many good rational reasons for the cap. Significantly, it will realign the bonus to salary ratio to more reasonable proportions, thus reducing the kinds of excessively risky behaviour which contributed towards the financial crisis. It is important for banks to show restraint and take a more long-term, responsible approach, particularly when tax-payer funded bailouts and individual savings are at stake"