Treasury may remove cap on bankers’ bonuses in post-Brexit shake-up of City rules
Sources told the BBC and Financial Times no final decisions had been made, but added that Kwasi Kwarteng thinks such a move would make London more attractive to global banks.
The Chancellor is understood to view the move as a way of making London more attractive to global banks. The City has long taken issue with EU-wide rules on banking bonuses that impose a cap at twice an employee’s salary.Read more: Fury as MPs and four guests allowed to jump the queue to see the Queen
Mr Johnson said at the time in late June it remained "the plan" to raise corporation tax but sought to attribute the policy to then-chancellor Rishi Sunak amid suggestions of a policy rift.
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Chancellor may scrap cap on bankers' bonuses to boost City's competitivenessKwasi Kwarteng is expected to outline next week a series of measures, including tax cuts, aimed at boosting the UK economy in line with the PM's Tory leadership campaign assertion that recession is not inevitable.
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