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Cap on bankers’ bonuses could be scrapped and it’s gone down as you would expect

"It couldn't be more blatant. One by one, the government is tearing down the protections (feeble as they are) that defend us from the predatory behaviour of the ultra-rich."

Joe Mellor by Joe Mellor
2022-09-15 15:23
in News
Credit:PA

Credit:PA

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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.

Richard Gnodde, head of Goldman Sachs’ international operations, told the Financial Times eliminating the bonus cap would make “London a more attractive place for sure”.

Rake it in

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.”

Will the Bank of England Governor condemn plans for bankers to get unlimited bonuses, after he previously told workers to not ask for a payrise?

— Trades Union Congress (@The_TUC) September 15, 2022

Reactions

It wasn’t ust the TUC who didn’t take kindly to the news:

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1.

8th September Lord Spencer(Tory donor) says get rid of the cap on bankers bonuses.

14th September Kwasi Kwarteng(Chancellor) jumps to it. https://t.co/4MBZ0nSoDy pic.twitter.com/Qgcb27Vqra

— Haggis_UK 🇬🇧 đŸ‡ȘđŸ‡ș (@Haggis_UK) September 15, 2022

2.

Truss Tory UK Government axing the bankers’ bonus cap while squeezing wages of nurses, teachers, police, etc rewards her party’s backers.

City slickers bankroll the Conservative Party(and were major contributors to her campaign to be installed PM).https://t.co/UfIDJkBHAV

— Kevin Maguire (@Kevin_Maguire) September 15, 2022

3.

Brexit Britain latest:

Kwasi Kwarteng, chancellor, is seeking to scrap Britain’s cap on bankers’ bonuses – introduced after the 2008 financial crash – in a controversial move to boost the City of London’s global competitiveness.https://t.co/yosHZeVZ8z

— Jim Pickard 🐋 (@PickardJE) September 14, 2022

4.

The people:

🍝 6.7 million in food poverty

đŸ‘©â€âš•ïž 6.8 million on NHS waiting lists

🔋 5 million unable to afford April’s energy bills

🏠 Up to 1 million in rent arrears

The government:

🏩 It’s time to lift the cap on bankers’ bonuses!#EnoughIsEnough

— Enough is Enough (@eiecampaign) September 15, 2022

5.

Remove cap on bankers’ bonuses, no new windfall tax on energy companies and tax cuts to come that will favour the most well off. Well, you can’t fault the @trussliz government for boldness. But fairness? https://t.co/jxwOo1bQt2

— Jon Sopel (@jonsopel) September 14, 2022

6.

The Bank of England is urging workers to accept wage restraint. Meanwhile, Kwasi Kwarteng is set to lift the cap on bankers' bonuses.

— David__Osland (@David__Osland) September 15, 2022

7.

They want to boost bankers bonuses? While also scrapping the corporation tax rise; not doing a larger windfall tax; allowing fracking; and having a go at employment rights?

Are they trying to help out Starmer's new speechwriter? https://t.co/SRPYjNzhK1

— Sam Freedman (@Samfr) September 14, 2022

8.

Oh thank god! We’d all been so worried about the bankers 😳

Jeez – really starting as they mean to go on. Fracking, no windfall tax, sorting out the wealthy
..Buckle up – the ERG are now officially in charge. https://t.co/gHVebnvP7X

— Jemma Forte (@jemmaforte) September 14, 2022

9.

0.3% of the British electorate voted for Truss as PM. Worth remembering when evaluating her Cabinet’s policies eg the trailed scrapping of anti-obesity measures & lifting the cap on bankers’ bonuses (which is already 2x their salaries) whilst asking others for wage restraint

— Professor Susan Michie (@SusanMichie) September 15, 2022

10.

Lifting the EU cap on bankers’ bonuses being sold as a “Brexit benefit” during a cost-of-living crisis



shows exactly what many of us said Brexit was all about.

— Mike Galsworthy (@mikegalsworthy) September 15, 2022

11.

So. Reinstating bankers’ bonuses is a Brexit benefit is it? Much like allowing filth in our waterways, weakening workers’ rights and consumer protections and lowering our food and welfare standards.

Tories “turbocharging” inequality and insecurity to please the super-rich. Nice.

— sarah murphy (@13sarahmurphy) September 15, 2022

12.

It couldn't be more blatant. One by one, the government is tearing down the protections (feeble as they are) that defend us from the predatory behaviour of the ultra-rich. https://t.co/2SCGJGZIp4

— George Monbiot (@GeorgeMonbiot) September 15, 2022

Related: Treasury ‘considering removing cap on bankers’ bonuses as part of City shake-up’

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