Osborne warns bonus cap will drive business away

Chancellor George Osborne is warning that capping bankers' bonuses will drive banking business away from the EU, and the UK.

George Osborne is warning that capping bankers' bonuses will drive banking business away Credit: Ki Price/The Times/PA Wire

New plans for banks to set aside more money to help small business, will see stricter limits on salaries to increase liquidity.

At a meeting in Brussels today, ministers will consider a provisional proposal pushed last week by MEPs and backed by the European Commission.

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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.