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Chancellor George Osborne has dropped the UK’s challenge to caps on bankers' bonuses following the Advocate General’s advice to the European Court of Justice that the UK's legal arguments against the plan should be rejected.

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

The UK had argued that the cap would drive workers out of Europe and inflate basic pay. The cap on the ratio is designed to reduce incentives for bankers to take excessive risks, but critics say it will push up basic pay and banks' costs.

It would be interesting to know how much has been spent on this failed legal action.


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Standout firm known for its personal insolvency work for clients including private companies, individuals and governmental institutions. Frequently acts for insolvency practitioners, assisting with the realisation of assets, both in the UK and abroad.

Chambers and Partners

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