A member of the European Parliament for the London Region has welcomed a new cap on bankers' bonuses across the EU agreed by finance ministers.
MEP Jean Lambert commented: "I welcome this move wholeheartedly. Greens at every level of government have been calling for a bankers' bonus cap for years."
Bankers' bonuses across the European Union will now, subject to MEPs' agreement, be limited to the amount of their annual salary, or two years if voted for by shareholders - despite vigorous opposition from UK Chancellor of the Exchequer George Osborne.
Mr Osborne made major efforts to defend the interests of his rich City friends while advocating further cuts in welfare for the poorest and most vulnerable. But his views were rejected by other European chancellors.
"Coming hot on the heels of an EU agreement to implement a tax on Financial Transactions - or 'Robin Hood Tax' - this shows that the EU is more in touch with most people's wishes than the current Tory Government. It's no wonder so many right-wingers want us to leave," Green MEP Jean Lambert added.
When the banking crisis was at its height, Prime Minister David Cameron and other coalition government spokespeople joined public and opposition denunciations of 'greed' in financial institutions.
But in spite of this they have, in practice, defended the culture of senior executives pocketing large amounts of money, say critics.
European finance ministers rejected Mr Osborne's claims that a European wide cap on bonuses would damage the financial sector across the continent.
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