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EU rules on bankers' pay 'will lead to Goodwin situation'

In a speech warning of the need for EU reform, Chancellor George Osborne said that EU rules on bankers' pay would lead to a "Fred Goodwin-style situation" in which money would not be recoverable

"These European rules will not lead to bankers being paid less," he said. "What they will lead to is a Fred Goodwin-style situation where you will not be able to get money back off bankers when things go wrong."

"That is precisely what we have been trying to get away from in Britain," the Chancellor added.

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