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Osborne eyes legal battle over EU bonus cap plan
by Alex Steger on Sep 26, 2013 at 09:10
Chancellor George Osborne is taking legal action over European Union plans to introduce a cap on bankers’ bonuses.
Osborne (pictured) is fighting the move on the grounds that it hurts financial stability, according to the Financial Times.
The chancellor filed the papers with the European Court of Justice last week in a move which follows the UK’s recent victory against Brussels over short selling.
The FT quoted the Treasury as saying: ‘These latest EU rules on bonuses, rushed through without any assessment of their impact, will undermine all of this by pushing bankers’ fixed pay up rather than down, which will make banks themselves riskier rather than safer. In other words, as the chancellor has said, they may undermine responsibility in the banking system rather than promote it.’
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