George Osborne, right, speaks with Italian Economy Minister Vittorio Grilli
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EU back bonus cap proposal leaving Osborne isolated

5 March 2013 Last updated at 23:18 GMT

Chancellor George Osborne stood isolated after European Union finance ministers vowed to press on with proposals to curb bankers' bonuses.

He told a meeting of EU finance ministers that he could not back the plans, which he fears could damage London's financial centre.

The EU is proposing to cap bonuses to 100% of a banker's annual salary, or to 200% if shareholders approve.

Chris Morris reports.