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UK Chancellor George Osborne was defeated in his attempts to quash the bonus cap regulation for bankers, after all 26 other EU finance ministers voted in favour of the proposal.
News that the EU would press ahead with a bonus limit that would see payments capped at a level not exceeding annual salaries, or in unusual cases twice the salary, came as no surprise. The near unanimous support for the plan means it could signed within weeks, without the need for a further finance ministers’ meeting.
Financial services represent around 10 per cent of the UK economy and Osborne had openly fought the decision. Details of how the caps will operate have yet to be arranged.
A conversation with investigative reporters Stefano Valentino and Giorgio Michalopoulos, who have dissected the dark underbelly of green finance for Voxeurop and won several awards for their work.
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