Kay Swinburne MEP
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MEP Kay Swinburne defends bankers' bonus speech

The Conservative MEP for Wales Kay Swinburne has told a conference in the City of London that it is up to people to be more innovative in how they get around the cap on bankers' bonuses.

A spokeswoman for the MEP has said the comments were taken out of context as she was saying she believes there are better ways of dealing with excess in the financial services industry.

The cap restricts bonuses to 100% of bankers' pay or 200% with shareholder approval.

The Treasury has argued that the cap will drive talent out of Europe and inflate basic pay, making it harder for banks to trim costs in lean years.

In the conference last month, Ms Swinburne reaffirmed the Conservatives' stance against the EU-wide cap.

Audio recording courtesy of Open Europe

  • 23 Feb 2015
  • From the section Wales
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