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Mayor slams 'deluded' bankers bonus deal

Mayor slams 'deluded' bankers bonus deal
Boris Johnson has joined David Cameron in opposing a deal struck last night by European Union leaders to cap bankers' bonuses at a year's salary.

Under the proposals, which the UK opposes, some bankers may still earn twice their salary in bonuses, but only with the explicit approval of their bank's board. The cap must still be ratified by the European Parliament.

The Mayor of London said: "This is possibly the most deluded measure to come from Europe since Diocletian tried to fix the price of groceries across the Roman Empire."

Downing Street has also stressed that it is opposed to the proposals.

"We do continue to have real concerns about them," said the Prime Minister's Official Spokesman this morning.

The spokesman later added that the Government expected to hold “constructive discussions” with a range of other EU member states on the plans.

David Cameron said today that the new cap had to allow the UK to implement the Vickers plan, and should allow international banks located in the UK to remain competitive.

Speaking on a visit to Latvia, he said: "First of all, we are absolutely clear that we must be able to implement the Vickers plan in the UK which in some ways is tougher than regulations which are being put place in other European countries. We want to have this proper ringfence between retail banks and investment backs and the rules must allow that to happen. I think that is very important.

"The second thing is we do have in the UK - and not every other European country has this - we have major international banks that are based in the UK but have branches and activities all over the world and we need to make sure that regulation put in place in Brussels is flexible enough to allow those banks to continue competing and succeeding while being located in the UK."

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