LONDON Feb 28 London Mayor Boris Johnson lashed
out at a European Union cap on bankers' bonuses on Thursday,
warning that the move will shunt banking business towards
Zurich, Singapore and New York.
Bankers in Europe face a cap on bonuses as early as next
year, following a provisional agreement in Brussels to introduce
what would be the world's strictest pay curbs.
"People will wonder why we stay in the EU if it persists in
such transparently self-defeating policies," Johnson said in a
statement. "Brussels cannot control the global market for
banking talent, Brussels cannot set pay for bankers around the
"The most this measure can hope to achieve is a boost for
Zurich and Singapore and New York at the expense of a struggling
EU. This is possibly the most deluded measure to come from
Europe since Diocletian tried to fix the price of groceries
across the Roman empire."