Posted by Brexit Britain ready to rip up EU rules on bankers’ bonuses to trigger investment boom
Chancellor Kwasi Kwarteng is considering making the announcement as soon as next week
By Jack Walters, Dan Falvey – Deputy Political Editor
00:00, Thu, Sep 15, 2022 | UPDATED: 09:11, Thu, Sep 15, 2022
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Chancellor Kwasi Kwarteng wants to scrap EU legislation capping bankers’ bonuses to help boost Britain’s global competitiveness. The new resident of No11 is thought to believe the move will help attract investment into the country.
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Mr Kwarteng told executives in the City last week: “We need to be decisive and do things differently.”
Changing the rules first introduced by Brussels in the wake of the 2008 financial crash would end a requirement for bonuses to be no more than two times a banker’s salary.
Mr Kwarteng is understood to still be weighing up whether to announce the axing of the cap as part of a wider package of reforms.
- The cap was introduced by European Union legislation in 2014 and limits year-end payouts to twice a banker’s salary.
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