Article updated: 3/5/2013 12:03 PM

EU pushes ahead with bonus cap despite UK concerns

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European Commissioner for Internal Market Michel Barnier, third right, and members of various delegations speak with German Finance Minister Wolfgang Schaeuble, center, during a meeting of EU finance ministers in Brussels Tuesday.

Associated Press

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Britain stood isolated against a broad majority of European Union countries Tuesday in refusing to back legislation that would strictly limit bankers’ bonuses. Treasury Chief George Osborne said at a meeting of the bloc’s 27 finance ministers in Brussels that Britain, home to one of the world’s largest financial industries, can’t support the current proposal to limit bonuses. The UK fears the cap would drive banks to set up outside Europe in the U.S. or Asia.