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Has George Osborne gone a step too far?

George Osborne's announcement that he wants to limit cash bonus payments in the short term to just £2000, with other arrangements paid in shares or other similar financial instruments, has upset many in the city and is seen by some as a step too far. Even though the suggestions from George Osborne, who is Shadow Chancellor of the Exchequer, appear to be sensible and well thought out, he is putting the Conservative party's historic relationship with the city at risk.

It is difficult to find a balance between attacking the various issues associated with the UK economy and the UK financial sector while also attempting to keep city highflyers on board and behind the party. Despite the fact there have been various whispering campaigns against George Osborne, suggesting he is inexperienced and not the right man for the job, he still has the backing of David Cameron and there is no suggestion from within the party that he is set to lose his job in the short to medium term.

We can expect a raft of new proposals and new strategies from the Conservative party as it begins to look towards the general election, which many believe is a foregone conclusion. However, the party can ill afford to become arrogant or complacent because no matter what the opinion polls say this election is nowhere near in the bag as yet.

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