Chancellor Kwasi Kwarteng has come under fire for considering scrapping the cap on bankers’ bonuses as millions struggle during the cost-of-living crisis.
Unions and economists were among those criticising the timing of the proposal to remove the cap, introduced in the wake of the 2008 financial crisis, that limits annual pay-outs to twice a banker’s salary.
Sources close to Mr Kwarteng said no final decisions had been made, but suggested such a move as part of a wider post-Brexit overhaul of City regulations would make London a more attractive place for global banks.
Here is a major Tory donor talking about Brexit benefits, one of which was, you guessed it, in favour of more money for bankers.
TUC general secretary Frances O’Grady said: “Bonuses in the City are already at a record high.
“While City executives rake it in, millions are struggling to keep their heads above water.
“Working people are being walloped by soaring prices after the longest and harshest wage squeeze in modern history.
“The Chancellor’s number one priority should be getting wages rising for everyone – not boosting bumper bonuses for those at the top.”
Star headline
The Star hit the nail on the head with its coverage this morning.
Its front page headline reads: “As WE struggle to pay our bills, the new chancellor is thinking of helping FATCATS.
“Pray for the poor millionaire bankers!”
Reactions
Unless you are a banker, this plan hasn’t gone down well:
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