Brussels spouts more nonsense on bankers’ pay
THE latest nonsense coming out of Brussels is this, on bankers’ pay:
Austrian centre-right MEP Othmar Karas has called for an end to massive bankers’ bonuses, which in some cases amount to 10 times the basic salary.
“We are looking at a set limit,” Karas told the parliament’s economic affairs committee in Brussels on Thursday (12 April). He explained that under his model, bonuses should not surpass a ratio of one-to-one on fixed salaries.
Now maybe it’s a good idea that bankers’ bonuses should be restricted. Maybe it’s not: I happen to think not but that’s just my view.
However, given that 80% of Europe’s international financial markets are in London, given that The City is in fact the world’s international financial marketplace, how in buggery did we end up with a system whereby some Austrian gets to tell companies in London how they should pay their staff?
Mr Karas’ founding political experience was as head of their equivalent of the National Union of Students. We’d not really expect one of the idiots that rise to that position in our own country to take unto himself the right to tell Austrian cuckoo clock makers how to pay their staff now would we?
It hardly seems fair to point out that Karas is the son in law of a famous Nazi: Kurt Waldheim in fact. It would be even more unfair to point out that you usually have to lose a war before foreigners get to tell you what to do.
How people get paid in offices in London is properly a subject for the government of this country to sort out. I almost don’t mind which way the law does change: but I do insist that it should be us doing the changing of the law. not them.