He's been accused of defending big city bonuses and privileges. UK Finance Minister George Osborne has long argued that European reforms aimed at preventing a repeat of the financial crisis - go too far . Now Britain is launching a legal challenge against the EU's cap on banker's pay, due to take effect next year. Commerzbank economist Peter Dixon. 'I think if you limit bonuses, it's something which provokes howls of discontent from people who work within the industry.'
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