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21-11-2014

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.

 

This is intended for general information only and should not be considered as giving advice in relation to any individual case nor be taken as applying to any particular case. No liability is accepted for any such use of the information contained.

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