Reeves says she does not have ‘any intention’ of bringing back cap and wants to champion financial services in UK
Good morning. Keir Starmer has said that he is “bomb-proofing” Labour’s policy offer before the election, which largely consists of identifying any proposal likely to be criticised as leftwing, radical or anti-aspiration by the Daily Mail and consigning it to the bin. The latest example has emerged today.
Rachel Reeves, the shadow chancellor, has said Labour would not reinstate the cap on bankers’ bonuses that was introduced in 2014, as part of an EU initiative intended to limit the risk-taking in the financial sector blamed for the 2008 crash, and abolished by Liz Truss in her mini-budget.
The cap on bankers’ bonuses was brought in in the aftermath of the global financial crisis and that was the right thing to do to rebuild the public finances.
But that has gone now and we don’t have any intention of bringing that back.
