UK’s Kwarteng seeks to scrap curbs on banker bonuses – FT By Reuters
Economy 3 hours ago (Sep 15, 2022 00:16)
© Reuters. Kwasi Kwarteng arrives at Number 10 Downing Street, in London, Britain September 6, 2022. REUTERS/Phil Noble
(Reuters) -British finance minister Kwasi Kwarteng is seeking to scrap caps on bankers’ bonuses in a bid to boost London’s competitiveness against financial capitals like New York and Hong Kong, the Financial Times reported on Wednesday.
Kwarteng argues the move would make London a more attractive destination for top global talent, the newspaper reported, citing his colleagues.
An EU-wide cap on bankers’ bonuses was introduced following the financial crash and it remains in place in Britain despite the country leaving the bloc.
The idea to lift caps was considered by former Prime Minister Boris Johnson’s administration in June, but was eventually ruled out.
To reduce criticism about helping rich bankers, Kwarteng would set the move in the context of Britain’s recently announced move to cap consumer energy bills for two years, the FT report added.
Kwarteng aims to make a fiscal statement before the end of this month, and is likely to use it to say how he will deliver the tax cuts promised by Prime Minister Liz Truss during her campaign for leadership of the Conservative Party.
UK’s Kwarteng seeks to scrap curbs on banker bonuses – FT
By Rae Wee SINGAPORE (Reuters) – The dollar stood near recent peaks on Thursday as markets increased bets the Fed has more work to do in its aggressive tightening streak to curb…
By Echo Wang NEW YORK (Reuters) -AIG Inc’s life insurance and retirement division Corebridge Financial Inc raised $1.68 billion on Wednesday in the biggest initial public offering…
(Reuters) – British Prime Minister Liz Truss is preparing to scrap sugar taxes on soft drinks and ditch some anti-obesity measures to ease the cost-of-living crisis in the…
© 2007-2022 Fusion Media Limited. All Rights Reserved.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.