Defeating bonus cap proposal is crucial to keeping London competitive

The Prime Minister's official spokesman has said that the UK will need to continue to have discussions on how a proposed bank bonus cap would create the right long-term incentives to link remuneration with performance and that the UK being able to compete in the global race is very important. The spokesman reiterated that the Prime Minister has said that the competitiveness of the city of London and the UK as a whole is a very important consideration.

This follows a timid attack on the proposals by chancellor George Osborne.

When not dealing with Bieber-related matters, PMOS said British competitiveness is "of great concern" for government re: banker bonus cap.

— Jim Waterson (@jimwaterson) March 5, 2013