EC on the UK-EU row over banker bonus cap

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Britain has launched a legal challenge to the European Union’s cap on bankers’ bonuses which London fears will hurt its financial industry.

Capping bankers’ bonuses in the EU has been on the European Commission’s agenda since the onset of the financial crisis.

Under a deal struck by MEPs and EU member states in 2010, bonuses could be capped at 30% of their bankers’ salaries, rising to as much as 20% for higher salary bands.

EU rules on compensation are enshrined in proposed amendments to the existing Capital Requirements Directive.

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