Responding to George Osborne’s statement at the ECOFIN European Finance ministers meeting in Brussels today, Arlene McCarthy, Vice President of the European Parliament’s Economic and Monetary Committee and draftsperson of the 2010 Bankers’ bonuses rules said:

“Yet again we have an example of failure to proactively engage in and influence EU policy in Britain’s national interest.

Why has the UK Government failed in the last 18 months to put an alternative proposal on the table and waited until the last minute to raise objections.”

“This Government needs to take a crash course in finding friends and influencing EU partners.

Time will tell whether George Osborne can pull the rabbit out of the hat and ditch the cap on bonuses”.

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