Brexit hasn’t exactly been much of a boon to the City of London. Quite the opposite, actually. But one thing those bankers not being forcibly removed to Frankfurt or Dublin or Luxembourg had to look forward to from the whole mishigas was an end to those hated bonus caps that then-Prime Minister David Cameron’s government opposed as ineffectually as it did Brexit. But while Brexit mess-cleaner-upper-in-chief Mark Carney, then still the governor of the Bank of England, suggested their end as perhaps the only tangible benefit of taking back control, Chancellor of the Exchequer Rishi Sunak has steadfastly opposed changing that bit of legacy European Union regulation. Sunak, after all, is a former hedge fund manager and therefore doesn’t care that bankers are limited under most circumstances to a mere doubling of their pay at Christmas; his former colleagues are doing just fine out of Brexit, thank you very much.
But, well, bankers have to cope with rising food prices just like everyone else, and maybe there are just enough of them in Tiverton and Honiton to allow Prime Minister Boris Johnson’s party to stave off a career-ending, humiliating defeat in a constituency his party has never lost and most recently won by more than 40 points. Or, if not, because then Johnson won’t have a ton of time left to give his buddies in the Square Mile a “sorry about relegating you to financial backwater status” parting gift. So Rishi’s reservations, like his dignity and future as a prime minister in waiting before it, will simply have to go.
Chancellor Rishi Sunak should review "deregulatory measures to reduce the overall burden on business", he was told in a private letter from Prime Minister Boris Johnson's chief of staff Steve Barclay, including restrictions on City bosses' pay and perks…. Amid a record boom in dealmaking, bonuses have surged since the pandemic, and the issue has been thrust back into the spotlight./As revelling bankers start spending on luxuries again at the same time as a wider cost-of-living crisis hits the headlines, any move to up payouts is likely to raise eyebrows politically.
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