The Tories launched a fresh offensive against bank bonuses on Tuesday, signalling their willingness to fight the election promising much tougher curbs on perceived City excesses.

In a wide-ranging speech George Osborne, the shadow chancellor, also attacked the government’s “absence” from the Brussels debate on contentious proposals to regulate hedge funds. The criticism will infuriate Labour, which accuses the opposition party of jeopardising Britain’s international influence through its Euro­sceptic stance.