UK concedes defeat in bid to block EU bank bonus limit

On the 20 November 2014 the European Court of Justice Advocate General Niilo Jaaskinen issued his opinion on the UK’s challenge against the EU’s banker’s bonus cap. Mr Jaaskinen suggested that 'all the UK’s pleas should be rejected and that the Court of Justice dismiss the action'.

While the final judgment of the ECJ would not necessarily accept the legal reasoning of the Advocate General, the United Kingdom withdrew its legal challenge later on the same day.

• Primary Source

ESO: Background information: UK set to challenge EU cap on bankers' bonuses http://www.europeansources.info/record/uk-set-to-challenge-eu-cap-on-bankers-bonuses/

UK: HM Treasury: News, 20.11.14: Correspondence Bank remuneration: letter from the Chancellor to the Governor of the Bank of England https://www.gov.uk/government/publications/bank-remuneration-letter-from-the-chancellor-to-the-governor-of-the-bank-of-england

Blog: Open Europe, 20.11.14: UK looking down and out on banker’s bonus cap challenge http://openeuropeblog.blogspot.co.uk/2014/11/uk-looking-down-and-out-on-bankers.html

BBC News, 20.11.14: Osborne abandons challenge to EU cap on bankers' bonuses http://www.bbc.co.uk/news/business-30125780

ECJ: Press Release, No.154, 2014: Advocate General Jääskinen considers that the EU legislation limiting the ratio of bankers bonuses compared to their basic salary is valid http://curia.europa.eu/jcms/upload/docs/application/pdf/2014-11/cp140154en.pdf

ESO: Background information: Commission adopts new standards to increase transparency over bankers' pay and risk profiles http://www.europeansources.info/record/press-release-commission-adopts-new-standards-to-increase-transparency-over-bankers-pay-and-risk-profiles/

Blog: EU Law Analysis, 20.11.14: Capping bankers' bonuses: a step too far for the EU? http://eulawanalysis.blogspot.co.uk/2014/11/capping-bankers-bonuses-step-too-far.html

The Conversation, 01.12.14: Bonuses influence where bankers go but it’s not all about pay https://theconversation.com/bonuses-influence-where-bankers-go-but-its-not-all-about-pay-34439

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