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The Boston Globe

Business

Bucking EU, Britain rejects bank bonus camp

BRUSSELS — Britain stood isolated against a majority of European Union countries Tuesday in refusing to back legislation that would strictly limit bankers’ bonuses.

At a meeting of the bloc’s 27 finance ministers, Treasury chief George Osborne said that Britain, home to one of the world’s largest financial industries, can’t support the current proposal to limit bonuses. It fears the cap would drive banks to the United States or Asia.

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