London Mayor: Bonus cap will be 'damaging' for EU

The Mayor of London has attacked European Union plans to cap bankers' bonuses, warning it would play into the hands of London's overseas rivals while undermining support in Britain for the EU.

ITV News' Economic Editor Richard Edgar reports:

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EU moves to cap bank bonuses

European Union officials last night struck a deal to cap bankers' bonuses at a year's salary. Under the deal some bankers may still earn twice their salary in bonuses if there is explicit approval from shareholders.