Scrapping banker bonus cap would be shameful

The Treasury is considering removing a cap on bankers’ bonuses as part of a post-Brexit shake-up of City rules.

Fran Boait, Executive Director at Positive Money said:

“Gifting bankers uncapped bonuses at a time when millions of households are choosing between eating and heating is beyond tone deaf – it’s shameful. 

“Providing greater relief to the wealthy than the poor has characterised Truss’ premiership so far, with the energy price cap freeze announced last week expected to disproportionately benefit the highest-income households.

“The new government’s priority right now should be raising incomes for the lowest earners, not City fat cats.”   

Notes 

• Kwasi Kwarteng considers scrapping bankers’ bonus cap to boost City: https://www.bbc.co.uk/news/business-62906854 

• Positive Money is a research and campaign organisation working towards a money and banking system which supports a fair, democratic and sustainable economy. Set up in the aftermath of the financial crisis, we are a not-for-profit company funded by charitable trusts and foundations, as well as small donations from its network of over 65,000 supporters. www.positivemoney.org.uk.

• Contacts: to speak to a spokesperson or for further information please email press@positivemoney.org.uk or call Chloe Musto on 07724980666