From 31 October, bonuses in the financial sector will no longer be limited to 200% of annual salary. The aim of this measure is to make the City of London more attractive, at a time when some financial companies are opting for other countries where no such cap exists.
The cap on bankers’ bonuses was introduced in 2014 and decided by the EU after the 2008 financial crisis. Taking advantage of the freedom afforded by Brexit, former Chancellor of the Exchequer Kwasi Kwarteng promised an end to this restriction before being removed from office. However, the measure was maintained and, after four months of consultation, the financial regulators Prudential Regulation Authority and Financial Conduct Authority announced in a joint statement that the cap would end on
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