EU banking reforms are set to impose a limit on bankers’ pay, against the wishes of much of the City of London.
The proposal, backed by the democratically-elected European Parliament, would cap bonuses that exceed the recipients salary. France has recently come around to the idea, and, the Financial Times reports, there is now a “clear majority” which is willing to agree to the cap just to get the debate out of the way. The rest of the reforms, which are focused on bank capital ratios, are considered urgent, and there is little desire to hold them up over the pay caps.
Subscribe to The New Statesman today from only £8.99 per month
Content from our partners
