The UK government has been met with a frosty reception in its attempt to overturn a cap on bankers’ bonuses enforced by the European Union, with Europe’s highest court accusing lawyers for the Treasury of being inconsistent.
The Daily Telegraph reports that in a hearing on Monday, judges at the European Court of Justice appeared sceptical of the Government’s arguments against the cap. The recently-introduced limit of 100% of salaries – or 200% with shareholder approval – have proved deeply unpopular in the City, with institutions worrying it will put London at a disadvantage to other financial centres.
In a short hearing ahead of a decision expected in the coming months, Belgian judge Koen Lenaerts and the court’s senior official, Advocat General Nilo Jaaskinen, confined discussion of the case largely to one aspect of the UK’s argument, according to individuals present at the hearing.
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