THE INDEPENDENT: Exclusive: Europe threatens to crack down on City's excessive pay
The European Commission is considering tough new proposals to curb the pay and bonuses that banks can hand out to staff working across the European Union.
The plans, which are likely to go further than those proposed so far in the UK, would meet significant opposition from the City of London, which claims cutting benefit packages would result in an exodus of talent to Asia and America.
But the new restrictions could not be blocked by the Government if a majority of other European countries vote in favour of them. The proposal by Michel Barnier, the EU Commissioner in charge of financial services, emerged as G20 leaders meeting in Cannes failed to produce concrete plans to tackle the eurozone's sovereign debt crisis. » | OLIVER WRIGHT | Saturday, November 05, 2011
