Bankers’ bonus cap could be scrapped after Brexit

Mark Carney speaking at the Bank of England. The governor said it was important to take a tough regulatory stance on the banking sector [Image: Andy Rain/EPA].

Is this the reason certain people in the financial sector are so keen on Brexit?

Bankers caused the crash and subsequent Great Recession, around a decade ago, but Tories tried to blame it on the Labour Party in an attempt to divert attention away from the huge bonuses that were still being paid out.

It wasn’t until 2014 that a cap was introduced on bankers’ bonuses. Now, it seems, that cap could be removed with our departure from the EU, making it possible for bankers to fleece the rest of us, all over again.

Why are these people so greedy? Isn’t twice (or even three times) an already-enormous salary enough?

The governor of the Bank of England has raised the prospect that, after Brexit, the EU rule which puts a cap on bankers’ bonuses could be scrapped.

Mark Carney, a long-standing critic of the bonus rules, listed the cap as among the tweaks that could be made to financial regulations when the UK leaves the EU in March 2019.

The bonus cap was introduced in January 2014 and was a reaction to the financial crisis when bankers received multi-million payouts despite huge losses. The cap limits payouts to 100% of salary or 200% with explicit approval from shareholders.

Source: EU rule capping bankers’ bonuses ‘could be scrapped after Brexit’ | Business | The Guardian

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2 thoughts on “Bankers’ bonus cap could be scrapped after Brexit

  1. Dez

    200% of salary cap with the approval of shareholders….Hmmm the only shareholder revolution from shareholders is usually led by pension and insurance investors who themselves only get off their backsides when CEO’s of companies are far in excess of this level of bonus… nothing likely to happen and the piggy greed will continue. Nothing happened after the financial disaster and the public bailouts flushed out their bad practices and back to business as usual

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