Osborne in battle to weaken EU bankers' bonus cap plans
http://www.bbc.co.uk/news/business-21661089
Quote:
Chancellor George Osborne flies to Brussels later determined to water down the European Parliament's proposals to curb bankers' bonuses.
But EU finance minsters in the Economic and Financial Affairs Council (Ecofin) are expected to approve last week's proposals.
They include limiting bonuses to 100% of a banker's annual salary, or to 200% if shareholders approve.
The City of London fears the rules will drive away talent and restrict growth.
Mayor of London Boris Johnson has dismissed the idea as "self-defeating". London is the EU's largest financial centre.
On Monday, a spokesman for Prime Minister David Cameron said: "We continue to have real concerns on the proposals. We are in discussions with other member states."
But Mr Osborne's bargaining power may be weakened further by Switzerland's recent decision to cap bonuses paid to bankers and give shareholders binding powers over executive pay.
Some EU ministers have looked with approval on the Swiss move, made in a national referendum on Sunday.
"The Swiss often show the way and personally I think we should take inspiration," said French Prime Minister Jean-Marc Ayrault.
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Bliddy Tories are a right band of merchants hand in glove with the City parasites ..... :mad:
Good for the Swiss ..... :thumbs:
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