BRUSSELS (AP) — Britain's treasury chief says his country does not support the proposed European legislation on capping bankers' bonuses.
George Osborne said at a meeting of European Union finance ministers in Brussels on Tuesday that Britain, home to one of the world's largest financial industries, wants further negotiations.
Most European nations support the legislation, which would limit bonuses to one year's base salary and double that if a large majority of the bank's shareholders agreed. It could be passed by qualified majority, without Britain's consent.
German Finance Minister Wolfgang Schaeuble said "it would be better" to reach consensus.
He expressed hope that changes in technical details might yet convince Britain to support the measure, which is part of a wider package of financial laws requiring banks to strengthen their capital buffers.