Opinion divided on new EU bank rules

Mayor of London describes legislation on bonus caps as “deluded”.

Last night’s deal between the European Parliament and Council of Ministers on tougher rules for banks – including caps on bankers’ bonuses – has been greeted with a mixture of horror and delight.

Boris Johnson, the mayor of London, where most of the European Union’s finance industry is based, said: “This is possibly the most deluded measure to come from Europe since Diocletian tried to fix the price of groceries across the Roman empire.”  

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