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Daily Star front page nails banker bonuses fiasco

"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," wrote Dr Mike Galsworthy about the plan.

Joe Mellor by Joe Mellor
2022-09-16 09:54
in News
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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.

Here is a major Tory donor talking about Brexit benefits, one of which was, you guessed it, in favour of more money for bankers.

This is billionaire former banker & Tory Lord, Michael Spencer

He donated £25k to Truss’ leadership bid

He’s asked to name a Brexit benefit

Hear what he says

…then remember the new Govt policy announced this week to remove the cap on bankers’ bonusespic.twitter.com/aljMoWEMsG

— Marina Purkiss (@MarinaPurkiss) September 15, 2022

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.

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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!”

Friday's front page – fat cats and long legs 😱 #TomorrowsPapersToday https://t.co/Ax5SOWNlGu pic.twitter.com/M3aFBiNTiH

— Daily Star (@dailystar) September 15, 2022

Reactions

Unless you are a banker, this plan hasn’t gone down well:

1.

Kwasi Kwarteng has lifted the cap on bankers' bonuses but he thinks doctors who work for the NHS are overpaid. Our Chancellor.

— Daniela Nadj (@DanielaNadj) September 15, 2022

2.

New Chancellor Kwasi Kwarteng wants to scrap curbs on bankers bonuses whilst new Prime Minister Liz Truss calls key workers who won’t accept a crappy real terms pay cut “militant” & plans to make it more difficult for them to strike

Join a union, now pic.twitter.com/qHEHwsbj6L

— Peter Stefanovic (@PeterStefanovi2) September 16, 2022

3.

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

4.

The ERG have only been in power 9 days & have:

Refused to enact a windfall tax on the oil giants

Proposed removing the cap on bankers bonuses

Questioned your right to holiday & holiday pay

& sacked the Permanent Secretary to the Treasury after 30 years service

9 days!

— Trevor McArdle (@McardleTrevor) September 15, 2022

5.

The governor of the Bank of England is telling workers to practise wage restraint at the same time as Kwarteng is planning to scrap the cap on bankers' bonuses

— Will Thorpe (@withorpe) September 15, 2022

6.

The people:

🍝 6.7 million in food poverty

👩‍⚕️ 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

7.

The government is reportedly considering plans to scrap the cap on bankers' bonuses. Britons are strongly against the idea.

All Britons
Should scrap: 15%
Should not scrap: 67%

Con voters
Should scrap: 20%
Should not scrap: 65%https://t.co/QRJrXtBwxo pic.twitter.com/deZtyLvHhT

— YouGov (@YouGov) September 15, 2022

Related: EU plans windfall tax on energy firms as UK refuses to make oil companies pay

Tags: Cost Of Living Crisis
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Polling shows all Liz Truss’s first major policy announcements are incredibly unpopular with public

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As Bankers’ bonuses curbs to be lifted PM urged to scrap ‘truly catastrophic’ benefit cap

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