Cap on bankers' bonuses to be scrapped - BBC News
Cap on bankers' bonuses to be scrapped - BBC News
The plan is part of a post-Brexit shake-up of City rules, but unions call it "obscene".
Yes. Just what we need....
Well, how else are we going to attract the best and brightest leeches to siphon money out of our economy and run off into the sunset?
Finally someone gets it. Can't you please write a paper for those stupid anticapitalist EU representatives that made this freedom-hating shit up in the first place. Liberate the market! Leeches matter!
No cap?
No cap
I can’t wait for this to trickle down!
ah. so just like bribes. makes sense. can't limit one without the other.
This is the best summary I could come up with:
The cap on bankers' bonuses is being removed as part of a post-Brexit shake-up of UK financial rules, it has been confirmed.
Finance bosses have long complained about the rules, saying they lead to higher base pay that pushes up banks' fixed costs.
"Rishi Sunak is marking his anniversary of becoming Prime Minister by pushing ahead with Liz Truss' plan to axe the cap on bankers' bonuses," he added.
In a joint statement on Tuesday, the two regulators said the bonus cap had "unintended consequences" with firms ending up increasing bankers' fixed pay.
The plan to remove a cap on bankers' bonuses was unveiled in the mini-budget in September 2022, under the then-Prime Minister Liz Truss and her Chancellor, Mr Kwarteng.
However, the package of measures in the mini-budget sparked turmoil on the financial markets and Mr Kwarteng was sacked shortly afterwards.
The original article contains 492 words, the summary contains 142 words. Saved 71%. I'm a bot and I'm open source!
Thank goodness!