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Osborne bank bonuses talks

George Osborne has left Brussels after meeting EU finance ministers to discuss an overhaul of banking rules in the EU, including a cap on bankers' bonuses.

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Britain unable to veto banking overhaul decision

Britain will be unable to use its veto today as ministers meet in Brussels to discuss an overhaul of banking rules in the EU, including a cap on bankers' bonuses.

A meeting will take place in Brussels today Credit: Owen Humphreys/PA Wire

Under the terms of the new deal, which is subject to qualified majority voting, bankers' bonuses will be limited to a maximum of one year's base salary, or twice the salary if a large majority of shareholders agree.

It comes as part of a financial reform package, including the introduction of higher capital requirements for banks, intended to prevent a repeat of the financial crash of 2008.

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