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Foreign banks set to challenge UK government banking curbs

The UK government is likely to face what could be one of many legal challenges in the short to medium term with indication that a number of foreign banks operating in the UK are refusing to accept banking bonus and banking remuneration curbs which have been agreed with the top five banks in the UK.

This was always the main problem for the UK government, legal intervention by parties who were not willing to give the government control of bonus and remuneration packages paid by what are basically private companies. Ever since the UK government, and the G20, first mentioned attempting to curb remuneration in the city many legal experts have declared such a plan unworkable. So what will happen if foreign banks challenge the new system?

The ultimate loser if foreign banks are unsuccessful with any potential legal challenge, or compromise agreement with the government, would be the financial centre of London. London has for many years been one of the main financial markets in the world and the UK government is in serious danger of making the city uncompetitive. If foreign banks were to leave the UK there are many other cities and financial markets around the world who would welcome them with open arms.

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