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The Independent UK
The Independent UK
National
Rob Merrick

Chancellor wants to scrap bankers’ bonus cap to boost City of London

PA Wire

The new chancellor wants to scrap the cap on bankers’ bonuses, in a move that could further widen the gulf between rich and poor as recession looms.

The cap was introduced after the 2008 financial crash – as part of moves to reduce the risk-taking that caused it – but Kwasi Kwarteng believes the rules make it harder to attract top staff to the City of London.

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