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Osborne in battle to weaken EU bankers' bonus cap plans Osborne in battle to weaken EU bankers' bonus cap plans
(about 2 hours later)
Chancellor George Osborne flies to Brussels later determined to water down the European Parliament's proposals to curb bankers' bonuses.Chancellor George Osborne flies to Brussels later determined to water down the European Parliament's proposals to curb bankers' bonuses.
But his chances look slim. But EU finance minsters in the href="http://www.consilium.europa.eu/policies/council-configurations/economic-and-financial-affairs.aspx" title="Link to Ecofin page" >Economic and Financial Affairs Council (Ecofin) are expected to approve last week's proposals.
Ministers in the EU-wide href="http://www.consilium.europa.eu/policies/council-configurations/economic-and-financial-affairs.aspx" title="Link to Ecofin page" >Economic and Financial Affairs Council (Ecofin) are expected to approve last week's proposals, which include limiting bonuses to a banker's annual salary, or to 200% if shareholders approve. They include limiting bonuses to 100% of a banker's annual salary, or to 200% if shareholders approve.
Mayor of London Boris Johnson has dismissed the idea as "self-defeating". 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."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."
The City of London, Europe's largest financial centre, fears the new rules will drive away talent and restrict growth in the financial sector.
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.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.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."The Swiss often show the way and personally I think we should take inspiration," said French Prime Minister Jean-Marc Ayrault.