EU finance ministers have rejected British efforts to rein in a proposed limit on bankers' bonuses. AFME CEO Simon Lewis warned that the cap could have unintended consequences. "This is a threat to Europe's competitiveness," Lewis said. UK Chancellor George Osborne also cautioned his counterparts. "It will push salaries up, it will make it more difficult to claw back bankers' bonuses when things go wrong, it will make it more difficult to ensure that the banks and the bankers pay when there are mistakes, rather than the taxpayer," Osborne said.