Cheers for UK legal action over EU bonus interference

25-Sep-2013 @ 17:0

Syed Kamall Syed Kamall

Anthea McIntyre Anthea McIntyre

Anthea McIntyre Anthea McIntyre

Reacting today to news that the UK is to take legal action against the EU over its planned cap on bonuses for bank employees, Syed Kamall MEP, Conservative spokesman in the European Parliament on economic and monetary affairs, said: "I welcome this move by George Osborne and I congratulate him for standing up to Brussels.

"This is not a question of whether or not people deserve bonuses, but of whether eurocrats should be allowed to dictate to our companies how they reward their staff.

"The proposal to cap bankers' bonuses is critically flawed because it will simply lead to inflexibility in the remuneration structure. Take away bonuses and basic pay goes up, meaning bankers will be paid more regardless of their performance.

"If it takes legal action to show the EU the error of its ways, so be it."

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