BEIJING, March 2 (Xinhuanet) -- British Prime Minister David Cameron has stressed the necessity of protecting the UK’s position as an international financial centre. The remarks come after EU officials agreed a package of financial laws that includes capping bankers’ bonuses at a maximum of one year’s basic salary. Let’s get you the details.

Speaking to reporters during a visit to Latvia, Cameron signalled that he would not allow new regulations from Brussels to impact the leading role of the City of London in global marketplaces.

"We have major international banks that are based in the UK but have branches and activities all over the world. We need to make sure regulation put in place in Brussels is flexible enough to allow those banks to be competing and succeeding while being located in the UK.

Cameron also made it clear his country’s focus remains on implementing its own system of regulation, the so-called Vickers plan, which would separate risk-taking investment banks from retail or high street banks

"We are absolutely clear that we must be able to implement the Vickers Plan in the UK which in some ways is tougher than regulations which have been put in place in other European countries. We want to have a proper ring fence between retail banks and investment banks and the rules must allow that to happen."

Mr. Cameron said his recent speech on Europe, which laid the ground for a referendum on the EU membership, is about calling for flexibility and rejecting a "one size fits all" approach.

(Source: CNTV.cn)