|
British finance officials are worried about the latter because they say the application of the law to EU banks' overseas branches would put them at a competitive disadvantage when it comes to attracting talent. For Britain, the case is also a highly political matter. The bonus cap marked the first time since the start of the financial crisis that Britain was overruled in the EU on an important financial law. Prime Minister David Cameron, who sees the EU as meddling too much with the national governments' business, has vowed to renegotiate his country's ties with Brussels and hold a referendum on Britain's membership in a few years. The U.K. has taken the EU to court an another thorny issue, a European ban on some forms of short-selling
-- the practice in which an investor sells stock they don't own in the hope of buying it back at a cheaper price. Britain scored an initial victory this month when an opinion by the court's advocate general appeared to side with London. The court case is pending.
[Associated
Press;
Copyright 2013 The Associated
Press. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.