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Osborne abandons challenge to EU cap on bankers' bonuses

November 20th, 2014

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Europe's Advocate General has upheld limits on London bankers' bonuses
 
In a surprise move, the UK government has withdrawn its legal challenge to EU legislation that caps the level of bankers' bonuses.
 
Chancellor George Osborne said he had recognised the challenge was "now unlikely to succeed".
 
The move comes after an adviser to the European Court of Justice rejected the UK's legal arguments against the plan.
 
The cap restricts bonuses to 100% of banker's pay or 200% with shareholder approval.
 
The Treasury had argued that the cap would drive talent out of Europe and inflate basic pay, making it harder for banks to trim costs in lean years.
 
"I'm not going to spend taxpayers' money on a legal challenge now unlikely to succeed," Mr Osborne said.
 
BBC News.Retrieved from: http://www.bbc.com/news/business-30125780