Labour delivers reforms on bankers bonuses

If you haven’t already done so, you may like to read a letter in today’s Guardian from Glenis Willmott MEP, Leader of the Labour MEPs:

Fairness for All

We can see that the government has little real appetite to tackle the City’s risk-taking bonus culture (How Osborne’s tough words on bank bonuses proved to be so much hot air, 11 January). However, despite attempts by the government to water it down, new EU legislation is now in place to limit the upfront cash payments that have in the past rewarded bankers for short-term risky investments. These new rules, taken through the European parliament by Labour MEP Arlene McCarthy, aren’t about bashing bankers. They are about putting long-term interests ahead of short-term risks. So while the government has talked tough but done little, it is Labour that has delivered constructive reforms.

Needless to say, I completely agree with the letter.

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