From Breakingviews - Bonus cap scrap would be dubious Brexit dividend
The new government under Prime Minister Liz Truss favours a “more British style of regulation”, and is keen to boost the City by tearing up old European rules. But bank chief executives generally favour continuity, and balk at measures that would provoke a regulatory tit-for-tat with Brussels. Their policy wish list involves tax relief and getting rid of ringfencing rules – both of which have nothing to do with Europe. Britain’s post-Brexit Big Bang is shaping up to be more like a Big Flop.
Kwarteng argues the move would make London a more attractive destination for top global talent, the newspaper reported citing his colleagues. Although no final decisions have been taken, people familiar with Kwarteng's thinking said he wanted to scrap the cap, introduced by European Union legislation in 2014, as part of a package of City reforms, the report added.Editing by George Hay, Streisand Neto and Oliver Taslic
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