London Mayor Boris Johnson has launched a renewed attack on plans by the European Union to cap bankers' bonuses, accusing Brussels of "picking on" the City.
In a speech in Paris, he warned the measures risked driving valuable business abroad while "inflaming" sentiment in Britain against continued membership of the EU.
He said that curbing bank bonuses would do nothing to resolve the underlying problems holding back the European economies.
"Whatever these measures are meant to achieve they will do nothing to solve the problems of the eurozone, which is now lagging behind America and the Far East, a miserable microcosm of low or zero growth, because it is clear that European leaders have not only managed to preserve the euro -
at least for the foreseeable future - but they have helped to preserve the deep structural problems that the euro helps to create and intensify the yawning gulf in productivity and unit labour costs between Germany and almost all other members."