UK fails to stop cap on bankers' bonuses

Britain has failed in an 11th-hour bid to convince other European Union members to alter the proposal that caps bankers' bonuses starting next year.

MEP'S ironed out details of the final draft of the legislation, barring bankers in Europe from awarding themselves payouts worth more than their salary.

Britain had hoped for at least minor changes in the draft.

The proposal limits bonuses at one year's base salary, and double that if a large majority of a bank's shareholders agrees.

The cap is aimed at addressing public anger at a bonus-driven culture.

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