THE UK Government has revived a policy from the short-lived Liz Truss administration and will scrap the cap on bankers’ bonuses, according to…
THE UK Government has revived a policy from the short-lived Liz Truss administration and will scrap the cap on bankers’ bonuses.The news has been greeted with anger, with Green MP Caroline Lucas saying it showed the UK Government’s true priorities.“Ministers are now planning to scrap the EU cap on bankers' bonuses.
The Treasury has distanced itself from the move, saying: “Decisions on renumeration in the banking sector are for the PRA as the independent statutory regulator.”He told the Mirror in September 2022: “Removing the cap on bankers’ bonuses when people are really struggling to pay their bills shows the Tories are absolutely tone deaf to what so many people are going through.”
The FCA stated: “The bonus cap does not limit total remuneration but limits the variable remuneration a firm can pay relative to an individual’s fixed pay.
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