Bloomberg Law
Free Newsletter Sign Up
Login
BROWSE
Bloomberg Law
Welcome
Login
Advanced Search Go
Free Newsletter Sign Up

UK’s Kwarteng Says He Will Scrap Cap on Bankers’ Bonuses (1)

Sept. 23, 2022, 9:48 AM

Chancellor of the Exchequer Kwasi Kwarteng confirmed plans to scrap the cap on bankers’ bonuses, an early signal of the new UK government’s plans to support the once-toxic sector.

“All the bonus cap did was to push up the basic salaries of bankers, or drive activity outside Europe,” he told the House of Commons in his mini-Budget on Friday. “It never capped total remuneration, so let’s not sit here and pretend otherwise. So we’re going to get rid of it.”

Kwarteng also vowed to reaffirm the UK’s status as the world’s financial services center by setting out an “ambitious package ...