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Monday, February 23, 2015

A new angle on innovative thinking

The Conservative MEP for Wales has got herself in a bit of hot water today with her suggestion that bankers should be “innovative” so as to flout rules that would cap their bumper bonuses.

The Western Mail reports that the party’s MEP Kay Swinburne was caught on tape alongside a Tory MP talking to an audience in the City outlining how the Conservatives had opposed new European rules limiting how much bankers can make on top of their salaries. She told her audience there was no public appetite to revoke the cap and suggested they “get around it” instead.

She told her audience: “I can tell you there is not a single constituent I have met that actually thinks we were right to have taken that to the courts.

“They think it was right that there was a bonus cap. So I think it’s up to everybody else to be a little more innovative as to how you get around it and I am hearing all sorts of schemes at the moment that do bypass the overall cap.”

Clearly, Ms. Swinburne cannot be talking to many constituents at all as all those I speak to think it is absolutely right to cap bankers' bonuses and want to know why the Government is wasting public money opposing this in the courts?
Peter, I think you've misread the report.

Kay was saying that no constituent she's spoken to thought the UK Govt was right to mount the legal challenge to the EU legislation bringing in the bonus cap. She's been speaking to the same people as you, don't worry!

Thankfully Osborne abandoned the case in late November.
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