Cap on Bankers Bonuses to be removed

[Ollygon]

This was originally heralded by Kwasi Kwarteng in his budget last year, and is now being implemented.

This Cap has caused untold suffering to "Bankers" and their families.

I read a heart breaking story about one "Banker" who had to go to a food bank to get his champagne and foie gras, and another one who had to reduce his family holidays from 5 to 4 every year.

I think they're worth every penny they can get.

 

[Lost Seasider]

https://order-order.com/2023/10/24/uk-scraps-eu-imposed-bankers-bonuses-cap/

bankers on the continent have been worried about us scrapping the cap for a while – one was quoted as saying the move “will make it even harder for us to compete in London and with US banks overall”

 

[foggy]

https://order-order.com/2023/10/24/uk-scraps-eu-imposed-bankers-bonuses-cap/

bankers on the continent have been worried about us scrapping the cap for a while – one was quoted as saying the move “will make it even harder for us to compete in London and with US banks overall”

A deeply conservative Trussite blog quoting an unnamed source that this will be good? Well I, for one, am convinced.

 

[Ollygon]

https://order-order.com/2023/10/24/uk-scraps-eu-imposed-bankers-bonuses-cap/

bankers on the continent have been worried about us scrapping the cap for a while – one was quoted as saying the move “will make it even harder for us to compete in London and with US banks overall”

You know that stuff you try to avoid stepping into when you're crossing a field full of male cattle?

 

[Ollygon]

A deeply conservative Trussite blog quoting an unnamed source that this will be good? Well I, for one, am convinced.

Just seen. It's from Guido Fawkes.

Hitler wouldn't even have given that the time of day.

Too right wing.

 

[Wizaard]

https://order-order.com/2023/10/24/uk-scraps-eu-imposed-bankers-bonuses-cap/

bankers on the continent have been worried about us scrapping the cap for a while – one was quoted as saying the move “will make it even harder for us to compete in London and with US banks overall”

If the cap is causing so much hardship in recruitment why haven't they all fucked off to the USA, like they threatened to?

The country is in a cost of living crisis, yet the first priority is to stuff the wallets of those that are already stinking rich and avoiding tax.

It's a clear signal on the contempt everyone else is held in.

 

[basilexile]

If you believe Barclays comments today, then lack of profit may cap bonuses anyway. Mind you it is a Bank that is telling us that, so how much truth there is in it is open to the readers persuasion.

 

[todayistheday]

Looks like the banking industry is sorting itself out or at least trying to.

 

[1966_and_all_that]

The Tories are getting in some quick wins for their mates before they get turfed out of office.

 

[Upwards]

Looks like the banking industry is sorting itself out or at least trying to.

Ha ha, nice one. In what way, exactly, is the banking industry sorting itself out?

 

[todayistheday]

Ha ha, nice one. In what way, exactly, is the banking industry sorting itself out?

Bringing in new regulations, nothing we can do regarding other industries if they cant be arsed.

 

[tommytwojags]

Scrapping the bankers' bonus cap is common sense for the UK. The regulations were introduced by the EU but financial centres outside the EU don't have a cap. The result is that it makes the UK less competitive. Like it or not, banking and finance are what keep this country going and we need to be at the forefront when it comes to getting the best people in. The TUC is banging on about the decision being an insult to working people at a time when millions up and down the country are struggling to make ends meet. It's nothing to do with working people struggling, it's about the City being a world leader and about growing the economy.

 

[Tangerinemoss]

Scrapping the bankers' bonus cap is common sense for the UK. The regulations were introduced by the EU but financial centres outside the EU don't have a cap. The result is that it makes the UK less competitive. Like it or not, banking and finance are what keep this country going and we need to be at the forefront when it comes to getting the best people in. The TUC is banging on about the decision being an insult to working people at a time when millions up and down the country are struggling to make ends meet. It's nothing to do with working people struggling, it's about the City being a world leader and about growing the economy.

I think you are missing the point. There was a very good reason for bringing it in, reduction of risk. The unlimited bonuses that they could make contributed to people like Sunak and Javid, as well as many in Lehman Brothers and others, crashing the banking system by betting that banks would fail. They did. We are still paying for their bonuses 15 years later.

Democracies should be able to restrict damaging practices, whether that is drink driving or bankers bonuses.

 

[tommytwojags]

I think you are missing the point. There was a very good reason for bringing it in, reduction of risk. The unlimited bonuses that they could make contributed to people like Sunak and Javid, as well as many in Lehman Brothers and others, crashing the banking system by betting that banks would fail. They did. We are still paying for their bonuses 15 years later.

Democracies should be able to restrict damaging practices, whether that is drink driving or bankers bonuses.

I'm very clear about the point. Yet another EU initiative that the UK didn't need or want, making it tougher for the UK to compete with the big financial players.

 

[look.its.luke]

I'm very clear about the point. Yet another EU initiative that the UK didn't need or want, making it tougher for the UK to compete with the big financial players.

Exactly, same goes for those anti-democratic EU directives that regulated the amount of chemicals we could dump in our rivers or told us how hygienic food products had to be!

People love to do the UK down, but nobody acknowledges that post Brexit our economy is in great shape, we've got immigration under control, the NHS and public sector are doing better than ever, and we're very much competing with those big players again.
More than anything though, there's a feeling of optimism about our politicians and the direction our country is headed once again.

 

[foggy]

I'm very clear about the point. Yet another EU initiative that the UK didn't need or want, making it tougher for the UK to compete with the big financial players.

According to YouGov polling just 15% of people want it scrapped. 67% don't want it scrapped. The 'UK', as in, the British people, actually do want this rule thank you very much, wherever it came from.

 

[Wizaard]

Scrapping the bankers' bonus cap is common sense for the UK. The regulations were introduced by the EU but financial centres outside the EU don't have a cap. The result is that it makes the UK less competitive. Like it or not, banking and finance are what keep this country going and we need to be at the forefront when it comes to getting the best people in. The TUC is banging on about the decision being an insult to working people at a time when millions up and down the country are struggling to make ends meet. It's nothing to do with working people struggling, it's about the City being a world leader and about growing the economy.

Trickledown economics is a completely busted flush.

Absolute nonsense to say the sector is struggling because of a cap on bonuses.

It's Brexit, obviously, but we can't ever admit that.

 

[Tangerinemoss]

I'm very clear about the point. Yet another EU initiative that the UK didn't need or want, making it tougher for the UK to compete with the big financial players.

So we don't need to protect our economy from excessive gambling?

 

[tommytwojags]

According to YouGov polling just 15% of people want it scrapped. 67% don't want it scrapped. The 'UK', as in, the British people, actually do want this rule thank you very much, wherever it came from.

When the Guardian tells its readers that bankers are going to get more money they naturally don't like it. Maybe if they understood that the UK needs the best people in the finance sector to maintain its dominant position they would understand the situation better. Perhaps YouGov should be polling economists rather than the public to get a more realistic response.

Trickledown economics is a completely busted flush.
Absolute nonsense to say the sector is struggling because of a cap on bonuses.
It's Brexit, obviously, but we can't ever admit that.

The sector isn't struggling because of a cap on bonuses. In fact, the sector isn't struggling at all despite the EC's outrageous attempts to undermine the City of London by isolating it from the EU's banks. The regulations were introduced by the EC as a panic measure to avoid a financial crisis and they have restricted the UK's ability to compete on a global level. The square mile is the heartbeat of the UK's economy and it's because of Brexit that the UK can make decisions like this in relation to bonuses. As the PM says, scrapping antidiluvian rules like this will strengthen the competitiveness of the UK financial sector.

 

[foggy]

When the Guardian tells its readers that bankers are going to get more money they naturally don't like it. Maybe if they understood that the UK needs the best people in the finance sector to maintain its dominant position they would understand the situation better. Perhaps YouGov should be polling economists rather than the public to get a more realistic response.

Do you think 75% of the country are Guardian readers?

You've been quite quick to go from 'this is what the UK wants', to 'the UK public are so thick they are brainwashed by a newspaper 99% of them dont read and if they just listened to what I say on the matter they would agree'. Pretty insulting.

 

[tommytwojags]

Do you think 75% of the country are Guardian readers?

You've been quite quick to go from 'this is what the UK wants', to 'the UK public are so thick they are brainwashed by a newspaper 99% of them dont read and if they just listened to what I say on the matter they would agree'. Pretty insulting.

If you're asking whether the public are qualified to determine whether it's a good thing for the cap on bankers' bonuses to be removed, then in my opinion they are definitely not.

 

[foggy]

If you're asking whether the public are qualified to determine whether it's a good thing for the cap on bankers' bonuses to be removed, then in my opinion they are definitely not.

Buy you said the UK wanted it?

 

[Wizaard]

When the Guardian tells its readers that bankers are going to get more money they naturally don't like it. Maybe if they understood that the UK needs the best people in the finance sector to maintain its dominant position they would understand the situation better. Perhaps YouGov should be polling economists rather than the public to get a more realistic response.



The sector isn't struggling because of a cap on bonuses. In fact, the sector isn't struggling at all despite the EC's outrageous attempts to undermine the City of London by isolating it from the EU's banks. The regulations were introduced by the EC as a panic measure to avoid a financial crisis and they have restricted the UK's ability to compete on a global level. The square mile is the heartbeat of the UK's economy and it's because of Brexit that the UK can make decisions like this in relation to bonuses. As the PM says, scrapping antidiluvian rules like this will strengthen the competitiveness of the UK financial sector.

If they're not struggling, why the urgency to remove the bonus? Its apparently not a factor in retention. Bit of a blunder there.

 

[Wizaard]

If you're asking whether the public are qualified to determine whether it's a good thing for the cap on bankers' bonuses to be removed, then in my opinion they are definitely not.

So those who stand to benefit most are the best qualified to make the call.

Shame that argument isn't appropriate for health professionals or the public sector.

 

[tommytwojags]

If they're not struggling, why the urgency to remove the bonus? Its apparently not a factor in retention. Bit of a blunder there.

It's the cap on bonuses that we're talking about. And yes, it is a factor in recruitment and retention. As for urgency, it's been on the table for more than a year so hardly a matter of urgency.

Just another example of how the EC has held the UK back with its unjustified restrictions.

 

[ElBurroSinNombre]

I think we should remember that Tommy was a strong supporter of Trussonomics even when it was pointed out that borrowing money to fund tax cuts cannot work and could be a disaster.

For that reason alone, it is laughable that he is now lecturing AVFTT readers on economic policy again.

Whatever the merits of this policy, it is clearly the wrong time for it and will make the government even more unpopular. We do really need an election.

 

[1966_and_all_that]

Scrapping the bankers' bonus cap is common sense for the UK. The regulations were introduced by the EU but financial centres outside the EU don't have a cap. The result is that it makes the UK less competitive. Like it or not, banking and finance are what keep this country going and we need to be at the forefront when it comes to getting the best people in. The TUC is banging on about the decision being an insult to working people at a time when millions up and down the country are struggling to make ends meet. It's nothing to do with working people struggling, it's about the City being a world leader and about growing the economy.

Unsurprisingly, I disagree. The City and the banks almost killed the economy in 2008. They need roping in because they will always think about themselves and exploit anyone and everyone for their own purposes.

 

[Wizaard]

I think we should remember that Tommy was a strong supporter of Trussonomics even when it was pointed out that borrowing money to fund tax cuts cannot work and could be a disaster.

For that reason alone, at the very least, it is laughable that he is now lecturing AVFTT readers on economic policy again.

Whatever the merits of this policy, it is clearly the wrong time for it and will make the government even more unpopular. We do really need an election.

Even more unpopular. I'm not sure that's possible.