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Golborne MEP Brian Simpson applauds fat cat bonus cap
11:10am Monday 4th March 2013 in News
A EURO deal that will see fat cat bankers' bonuses slashed has been applauded by Golborne MEP Brian Simpson.
Mr Simpson said: "Banks have been given the option to self-regulate when it comes to bonuses and they have completely failed to sort the issue out.
"Last week we saw the Royal Bank of Scotland post losses of £5 billion for the year, despite giving away over £600 million in bonuses, which shows just how little regard the banks have for getting bonuses under control."
The new rules include a 1:1 salary to bonus ratio cap, which means that other than in exceptional circumstances, bonuses can be no higher than one year's salary.
Mr Simpson said: "The banks' attitude to bonuses is not only completely unethical, it's also utterly unsustainable, which is why these tough rules have been introduced."