Shadow chancellor says party aims to be champion of a thriving financial sector if it wins election
Labour will not reinstate a cap on bankers’ bonuses if it wins the next election, the shadow chancellor has said.
Rachel Reeves said she had “no intention” of bringing back the cap, saying she wanted to be the “champion of a thriving financial services industry”.
The regulations, which limited annual bonus payouts to twice a banker’s salary, were introduced by the EU in 2014, in a move aimed at preventing excessive risk-taking after the 2008 financial crisis.
