About: George Osborne

UK, Sweden criticise financial tax as EU countries push for it

11 Eurozone countries pushed on Tuesday for a controversial tax on financial trading, also know as the Robin Hood Tax.

EC on the UK-EU row over banker bonus cap

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.

EU agrees bank bonus cap despite UK opposition

Despite London's efforts to block the measure, EU finance ministers on Tuesday agreed on new rules to cap banker's bonuses. The agreement aims to strengthen the banking sector and will cap bonus payments at the same level as an employee's yearly salary. It will also increase the amount of capital banks need to keep on their balance sheets.