Well, it looks like the EU will vote in favour of a cap
on bank bonuses this month. Recent discussions have highlighted that only
the UK is against the proposal that would see a law being passed in Europe to
cap bonuses to 100% of a bankers annual salary. The hardship!
Given the casino banking we are still paying for through
austerity measures, why is our Government so against it?
This one is dead simple……
London is the financial capital of Europe and a major
centre for financial services in the world. So important is it to the UK
economy, that £1 out of every £10 that is made in the UK comes from London’s
financial centre. Restricting what can and can’t be paid will simply drive
staff and companies to relocate to other areas of the world……thus reducing the
amount of money being made for the UK’s coffers as a consequence.
Damned if we do. Damned if we don’t. I guess we made our
bed.
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