Rachel Reeves

[Paigntonian]

the Shadow Chancellor says Truss wants bigger bankers' bonuses. Not true.

[THECORBYLOON]

Why is the cap being lifted then?

[youngmafbog]

Did she actually say that or was it part of the usual rubbish you get at all Party conferences?

[Paigntonian]

Yes, she said it.
The cap was lifted to allow private businesses to pay their employees what they choose to pay them.

[youngmafbog]

//Why is the cap being lifted then?//

This does not automatically mean bigger bonuses. All it does mean is that they can pay a lower 'salary' and give a larger proportion as performance bonus.

[davebro]

link?

[ToraToraTora]

No one said anything about anyone wanting bigger bonuses. The cap was removed because it is unwarranted political interference.

[gulliver1]

Rachel Reeves.
What a wonderful speech She is a vote winner.
Well done, She's got the cons are on the run.

[THECORBYLOON]

"No one said anything about anyone wanting bigger bonuses."

If there is not going to be an increase in the bonus, why not keep it as it is to avoid the political flack?

[Paigntonian]

Can't think of one good reason why any government should tell private sector businesses what they choose to pay their employees - unless they're communist or fascist regimes.

[Hymie]

The EU brought in the banker’s bonus cap in an attempt to stop bankers making risky investments that had the potential to make them big bucks in the event of the risks paying off; should the investments fail the bank could go bankrupt, resulting in tax-payers picking up the tab.

That’s one very good reason for the government to tell the private sector what they choose to pay their employees; and not play fast & loose with their assets – expecting the tax-payer to bail them out when things go wrong (as in 2008).