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George Osborne has leapt to defend bankers' bonuses from the looming threat of a bonus cap being imposed by Brussels, with the Treasury lodging a legal challenge against it.
The big banks are getting their chance to fend off the cap, which would see banker bonuses capped at the same level as their salary, or twice that if shareholders approve.
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Labour's Ed Balls may scoff at the Chancellor "standing up for bankers and bankers' bonuses", but Osborne was previously a tough critic of bankers' bonuses not just before he entered government but in the early days of the coalition as well.
Capping banker bonuses at just £2000 in cash. Railing at bankers' "unacceptable" remuneration.
What happened to that George Osborne?
