The UK treasury is taking legal action against the EU over plans to curb bank bonuses.
The details aren’t out, that I can see, but it’s been coming for a while. It’s a risky move by George Osborne as there’s been plenty of pressure from the public that bonuses should be pegged back. The City has warned that even if curbs come into effect they will likely circumvent the rules (shock) by inflating wages. There’s also the competitive issue of countries who will not have any caps luring workers out of key areas.
One to watch as it unfolds.