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Britain withdraws legal challenge to EU bank bonus cap
November 20, 2014 / 7:28 PM / 3 years ago

Britain withdraws legal challenge to EU bank bonus cap

LONDON, Nov 20 (Reuters) - Britain said on Thursday that it was withdrawing its legal challenge to a European Union limit on bankers’ bonuses after its attempt to block the regulation was earlier rejected by an adviser to the EU’s top court.

“I‘m not going to spend taxpayers’ money on a legal challenge now unlikely to succeed,” finance minister George Osborne said in a statement. “These rules may be legal but they are entirely self-defeating, so we need to find another way to end rewards for failure in our banks.” (Reporting by William James; editing by Ralph Boulton)

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