You can’t help but feel what is in it for Truss and Kwarteng ? Personally I cannot see the benefits and given we bailed the banks out. Probalby less of the truth is known bit with the cost of living crisis this smacks of self interest ? |
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By *irldnCouple
over a year ago
Brighton |
When the new bonus cap was introduced by the EU, it required that bonuses could not exceed 2 x base salary for “bankers/traders”. The purpose was to lower the level of risk taking and avoid another financial crisis like 2007/8.
To keep hold of star performers (to stop them heading off to USA or Singapore etc) the “banks” increased a lot of salaries so the whole package remained comparable with target earnings.
Most “bankers” I know far preferred that arrangement as it provided better financial security with a guaranteed income.
It is the “banks” that will benefit as reducing salaries and returning to higher bonus pots actually also reduces their redundancy payment exposure. High levels of risk taking will return as “bankers” try to maintain their same level of income. What could possibly go wrong? |
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It is unbelievable, she must know this is lousy politics. The next election will be fought on the economy and the sheer incompetence shown during the last decade will be hard to defend.
That Labour will show how as we were faced with a cost of living crisis one of Truss first acts was to remove caps on already rich bankers bonus payments is surely an act of extreme self harm. |
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By (user no longer on site)
over a year ago
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We have to admit this was an appalling call as it benefits only a tiny group of specific people. Even less people than those in the 45% tax bracket. It's almost like they don't want to be voted for next election. |
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