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.