The discussions between the European Union, bank lobbyists and UK officials around the pay structure of bankers have continued this week, with the case for a fixed ratio between base salaries and bonuses looking ever more likely.

Rules for a 1:1 ratio between bonus and salary were debated yesterday, with the UK government leading a floundering charge against the move. The ruling has yet to be finalised, but there were tense clashes about how far the cap should go as the issue was debated at the European Parliament yesterday.