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Evening Standard
Evening Standard
Business
David Bond

Kwasi Kwarteng considering removing cap on bankers’ bonuses as part of City shake-up

Kwasi Kwarteng City European Union

New Chancellor of the Exchequer Kwasi Kwarteng

(Picture: PA Wire)

Chancellor Kwasi Kwarteng is considering removing the cap on bankers’ bonuses in a bid to stop a brain drain of top City executives to other international financial centres including Paris.

The cap, introduced by the EU in 2014 in response the 2008 financial crash, restricts bankers’ bonuses to twice their salary.

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