Chancellor George Osborne (pictured) will write to European finance ministers in a bid to garner support for European Union-wide common rules on the disclosure of bankers’ bonuses.
The decision to seek support from Europe follows a lobbying campaign from the City against a more transparent scheme that would see banks having to disclose details of bonuses worth £1m or more, according to the Financial Times.
Osborne decided not to implement the plan, which was detailed in a report from former Morgan Stanley International chairman Sir David Walker, after Walker warned Britain would be “mistaken” to act alone on transparency.
A spokesman said: “The chancellor will be writing to his EU counterparts to suggest new EU-wide transparency rules on bankers’ bonuses in line with Sir David’s recommendation.”
The decision means British banks will not face the new rules during the bonus rounds in February and March next year.