Diplomat: UK isolated in EU in opposing bonus caps

LONDON, ENGLAND - FEBRUARY 16: A view of 30 St Mary Axe, also known as "The Gherkin" (centre) and Lloyd's Building (Lloyd's of London offices) in the foreground, viewed from the top of The Monument, the world's tallest isolated stone column, on February 16, 2009 in the City of London, England. The Monument, built to commemorate the Great Fire of London of 1666, has reopened after a £4.5 million restoration project taking 18 months. (Photo by Oli Scarff/Getty Images) Oli Scarff

BRUSSELS A top European diplomat says Britain is isolated among the European Union's governments in opposing strict caps on bankers' bonuses.

The EU diplomat, speaking on condition of anonymity because of the sensitivity of the issue, said Friday London was alone in its opposition to the legislation at a meeting of the 27 governments' representatives in Brussels Thursday.

The diplomat said most EU members are pushing for a rapid implementation of the compromise reached with the EU Parliament this week on a wide-ranging package of financial laws that includes capping bankers' bonuses at a one year's base salary.

Finance ministers will discuss the package Tuesday in Brussels. Britain could be overruled because a qualified majority is sufficient to pass the laws, but that is considered to be a politically toxic move.

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