Britain will accelerate moves to bolster the City of London's competitiveness as a global financial centre by scrapping its cap on banker bonuses ahead of an 'ambitious deregulatory' package later in the year, finance minister Kwasi Kwarteng said on Friday.
People relax in the sun of the bank the River Thames, with the The City of London financial district in the distance, in London, Britain, June 16, 2022. REUTERS/Henry NichollsLONDON, Sept 23 - Britain will accelerate moves to bolster the City of London's competitiveness as a global financial centre by scrapping its cap on banker bonuses ahead of an "ambitious deregulatory" package later in the year, finance minister Kwasi Kwarteng said on Friday.
"We need global banks to create jobs here, invest here and pay taxes here in London, not in Paris, not in Frankfurt and not in New York," Kwarteng told parliament. A source at a major U.S. bank, who declined to be identified, said scrapping the bonus cap had not been a priority for investment banks, but said steps to improve London's competitiveness were welcome."To many who were scarred by the consequences of the 2008 global financial crisis and the banking scandals that accompanied it, news that caps on bankers' bonuses may be abolished will trigger a response bordering on visceral," said Michael Barnett, a partner at Quillon Law.
The CityUK, which promotes UK financial services abroad, said Britain must make a competitive and compelling offer to lift growth, but there is no magic bullet. Britain's new Prime Minister Liz Truss has signalled she wants to go further to "unshackle" the City from remaining rules inherited from the EU.
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