Bankers’ bonus cap could be scrapped | News - The Times

Scrapping the cap on bankers’ bonuses would send a “confused” message during the cost of living crisis, a senior economist has said.

Kwasi Kwarteng, the new chancellor, is said to be considering the move as part of a “Big Bang 2.0” post-Brexit deregulation of the City of London.

The cap was introduced under EU law in 2014, but some close to Kwarteng believe it limits London’s competitiveness against its financial rivals such as New York and Hong Kong.

Andrew Sentance, who was a member of the Bank of England’s Monetary Policy Committee during the financial crisis, warned against the government pursuing the measure while Britons are struggling with the cost of living.

“I think it sends a rather confused signal when people are being squeezed

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2022-09-15 10:00:00Z
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