Mark Boleat, Policy and Resources Chairman at the City of London Corporation, said:

“Our view in the City has always been that the proposed bonus cap is a mechanism that is inappropriate in a global market where talent and capital can move easily. Today’s judgement is disappointing. It will have little effect in reducing risks to the financial system and will only serve to harm the competitiveness of Europe’s financial services industry. In fact, it may well drive talented people to our competitors in the global marketplace.”