Osborne to Defend U.K. Bank’s Right to Pay High Bonus, FT Says

Chancellor of the Exchequer George Osborne will argue British banks should have the right to pay large bonuses when he attends a meeting of European finance ministers next week, the Financial Times reported.

Osborne will argue against a draft European Union proposal for a one-to-one bonus-to-salary ratio at a July 10 meeting, the newspaper said, citing unidentified Treasury officials. Britain is in the minority in its opposition to the cap, the FT said.

To contact the reporter on this story: Kari Lundgren in London at klundgren2@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net