BRUSSELS – A top European diplomat says Britain is isolated among the European Union’s governments in opposing strict caps on bankers’ bonuses.
The EU diplomat, speaking on condition of anonymity because of the sensitivity of the issue, said Friday London was alone in its opposition to the legislation at a meeting of the 27 governments’ representatives in Brussels Thursday.
The diplomat said most EU members are pushing for a rapid implementation of the compromise reached with the EU Parliament this week on a wide-ranging package of financial laws that includes capping bankers’ bonuses at a one year’s base salary.
Finance ministers will discuss the package Tuesday in Brussels. Britain could be overruled because a qualified majority is sufficient to pass the laws, but that is considered to be a politically toxic move.