Thread: Britain outside the EU
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Old 24-10-2023, 13:54   #5571
1andrew1
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Re: Britain outside the EU
The economic boom is surely on its way as we start to enjoy our Brexit freedoms!

Quote:
UK set to axe cap on bankers’ bonuses

Move to boost the City in the wake of Brexit would abolish EU rule that limits payouts to twice base salary

The UK will on Tuesday confirm that it is scrapping the cap on bankers’ bonuses that was inherited from the EU as part of its post-Brexit push to boost the City of London, according to people familiar with the situation.

The move follows a consultation earlier this year on plans to abolish a 2014 rule limiting bonuses to twice base pay for employees of banks, building societies and investment firms.

The UK’s top financial regulators argued against the ban when it was introduced, and the government has claimed that lifting it will increase the post-Brexit competitiveness of the City.

Finance bosses privately gave a hesitant welcome to then chancellor Kwasi Kwarteng’s announcement last September that the UK would abolish the measure, fearing a public backlash. They originally opposed the bonus cap because it forced them to lift fixed pay to retain staff.
https://www.ft.com/content/cc419caf-...1-90e80c7a114b
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