Kwasi Kwarteng, chancellor, is seeking to scrap Britain’s cap on bankers’ bonuses, introduced after the 2008 financial crash, in a controversial move to boost the City of London’s global competitiveness.
Kwarteng argues the move would make London a more attractive destination for top global talent and would be a clear signal of his new “Big Bang 2.0” approach to post-Brexit City regulation, according to colleagues.
Boris Johnson shied away from lifting the bonus cap, fearing a political backlash, but Kwarteng told City executives last week: “We need to be decisive and do things differently.”
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