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City of London

UK Looks to Scrap Banker Bonus Cap to Boost City of London

  • Discussions about any change still ongoing, sources say
  • Cap was introduced in the EU after the financial crisis
Kwasi Kwarteng
Kwasi KwartengPhotographer: Chris Ratcliffe/Bloomberg
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The UK is considering scrapping a cap on banker bonuses, a controversial move that underlines the new government’s determination to introduce major post-Brexit reforms to the City of London.

New Chancellor of the Exchequer Kwasi Kwarteng believes the change would make London more attractive, according to two people familiar with the matter. The discussions are still ongoing about the details, the people said, although an announcement could come as soon as next week, one of them added.