Well this should go down a treat with the electorate.
Quote:
Rishi Sunak is pushing ahead with Liz Truss’s plan to axe the cap on bankers’ bonuses despite warnings that boosting bumper pay-outs for the rich is “obscene”.
Scrapping the limit on multimillion-pound bonuses for high earners is one of the only policies to survive the disastrous “Trussonomics” period last autumn.
Mr Sunak has approved his predecessor’s policy to get rid of the post-Brexit rules around capping bonuses – inherited from the EU from when the UK was still a member.
It comes around a year after former chancellor Kwasi Kwarteng first revealed plans to change the bonus rules as part of the mini-Budget fiasco which sparked market panic.
Even Boris Johnson had reportedly backed away from taking the step because he feared a huge political backlash during the cost of living crisis.
On Tuesday the Financial Conduct Authority (FCA) and Bank of England’s Prudential Regulatory Authority (PRA) confirmed that the current bonus cap will be lifted on 31 October.
The move – part of a bid to help London’s financial centre fend off competitors after Brexit – was immediately condemned by unions as “an insult to working people”.
TUC general secretary Paul Nowak said it was an “obscene decision”, adding: “City financiers are already enjoying bumper bonuses. They don’t need another helping hand from the Conservatives.”
The TUC boss added: “Rishi Sunak has shown once again that he is more interested in feather-nesting the super-wealthy than helping struggling families.”
Unison’s general secretary Christina McAnea argued that anyone who thinks that making bankers “even richer” will achieve anything positive “is utterly deluded”.
She said: “It’s beyond belief that the disastrous policies of Liz Truss are being reheated. She trashed the economy and everyone else is still paying the price. This won’t win public sympathy for a government in desperate need of it.”
Labour leader Sir Keir Starmer previously attacked the plan as amounting to a “pay rises for bankers, pay cuts for district nurses”.
https://www.msn.com/en-gb/money/othe...fca0396a&ei=20
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