Brussels is pushing through plans to impose strict caps on bankers' bonuses, steamrollering opposition from the UK government which fears the measures will damage the City.
Britain has been lobbying for months behind the scenes to water down proposals from the European Parliament to outlaw bonuses that exceed annual 'basic' pay.
Key talks took place yesterday between EU states and the parliament to try to thrash out a deal, to the accompaniment of howls of protest from the Square Mile.
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