The cap on bankers’ bonuses is being removed as part of a post-Brexit shake-up of UK financial rules, it has been confirmed.
Finance bosses have long complained about the rules, saying they lead to higher base pay that pushes up banks’ fixed costs.
“Rishi Sunak is marking his anniversary of becoming Prime Minister by pushing ahead with Liz Truss’ plan to axe the cap on bankers’ bonuses,” he added.
In a joint statement on Tuesday, the two regulators said the bonus cap had “unintended consequences” with firms ending up increasing bankers’ fixed pay.
The plan to remove a cap on bankers’ bonuses was unveiled in the mini-budget in September 2022, under the then-Prime Minister Liz Truss and her Chancellor, Mr Kwarteng.
However, the package of measures in the mini-budget sparked turmoil on the financial markets and Mr Kwarteng was sacked shortly afterwards.
The original article contains 492 words, the summary contains 142 words. Saved 71%. I’m a bot and I’m open source!
This is the best summary I could come up with:
The cap on bankers’ bonuses is being removed as part of a post-Brexit shake-up of UK financial rules, it has been confirmed.
Finance bosses have long complained about the rules, saying they lead to higher base pay that pushes up banks’ fixed costs.
“Rishi Sunak is marking his anniversary of becoming Prime Minister by pushing ahead with Liz Truss’ plan to axe the cap on bankers’ bonuses,” he added.
In a joint statement on Tuesday, the two regulators said the bonus cap had “unintended consequences” with firms ending up increasing bankers’ fixed pay.
The plan to remove a cap on bankers’ bonuses was unveiled in the mini-budget in September 2022, under the then-Prime Minister Liz Truss and her Chancellor, Mr Kwarteng.
However, the package of measures in the mini-budget sparked turmoil on the financial markets and Mr Kwarteng was sacked shortly afterwards.
The original article contains 492 words, the summary contains 142 words. Saved 71%. I’m a bot and I’m open source!